The start of the year was a bit slow nationally when it comes to existing-home sales.
According to new data just out from the National Association of Realtors, sales slipped 0.7 percent from December 2022 and 36.9 percent from the previous year. Total housing inventory registered at the end of January was 980,000 units, up 2.1 percent from December and 15.3 percent from one year ago.
Unsold inventory sits at a 2.9-month supply at the current sales pace, unchanged from December but up from 1.6 months in January 2022.
“Home sales are bottoming out,” said NAR Chief Economist Lawrence Yun. “Prices vary depending on a market’s affordability, with lower-priced regions witnessing modest growth and more expensive regions experiencing declines.”
The median existing-home sales price increased 1.3 percent from one year ago to $359,000.
Regionally, the South and West registered sales increases, while the East and Midwest experienced declines.
Existing-home sales in the South rose 1.1 percent in January from December to an annual rate of 1.82 million, a 36.6 percent decrease from the prior year. The median price in the South was $332,500, an increase of 3.4 percent from one year ago.
In the West, existing-home sales were up 2.9 percent in January to an annual rate of 720,000, but down 42.4 percent from the previous year. The median price in the West was $525,200, down 4.6 percent from January 2022.
Existing-home sales in the Northeast retracted 3.8 percent from December to an annual rate of 500,000 in January, down 35.9 percent from January 2022. The median price in the Northeast was $383,000, up 0.3 percent from the previous year.
In the Midwest, existing-home sales slid 5 percent from the previous month to an annual rate of 960,000 in January, declining 33.3 percent from one year ago. The median price in the Midwest was $252,300, up 2.7 percent from January 2022.