Home Sales Increase In January

Existing home sales grew in January with three of the four major U. S. regions showing accelerated sales, the National Association of Realtors reported today.  The gains were registered in the Midwest, South and West and remained steady in the Northwest. Year over year sales also improved in the West but decreased in the Northeast, Midwest and South.

“While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and demand,” said NAR Chief Economist Lawrence Yun.

The median existing home price for all types of housing in January was $379,100, an increase of 5.1 percent from a year ago.  All regions posted price increases.  “The median home price reached an all-time high for the month of January,” Yun reported. “Multiple offers are common on mid-priced homes and many homes still were sold within a month.  The elevated share of cash deals–32 percent–indicated a market full of multiple offers and propelled by record-high housing wealth.”

Total housing inventory at the end of January was 1.01 million units, up 2 percent from December and 3.1 percent from one year ago.  Unsold inventory stands at a three month supply at the current sales pace, up from 29 months in January 2023.