Existing-home sales grew 3.1 in January, according to just-released numbers from the National Association of Realtors. Sales accelerated in the Midwest, South and West—with the West even improving annually.
Year-over-year, national sales were down just 1.7 percent.
The median existing-home price for all housing types in January was $379,100, an increase of 5.1 percent compared to January 2023. All four U.S. regions posted price increases.
“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. “Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year.”
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 sits at a three-month supply at the current sales pace.
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