U.S. existing-home sales advanced for the third straight month, climbing 2.2%
to a seasonally adjusted annual rate of 4.24 million units, a 10-month high,
according to the National Association of REALTORS® (NAR).
Sales were up 9.3% year-over-year, driven largely by purchases of homes priced $500,000
and above. Month-over-month, sales rose in the South, Northeast, and the
West but fell in the Midwest, with all four regions reporting year-over-year gains.
New Listings decreased 12.2 percent to 86. Pending Sales were down 7.9
percent to 82. Inventory levels grew 5.0 percent to 464 units.
Prices continued to gain traction. The Median Sales Price increased 7.5 percent
to $215,000. Days on Market was up 5.7 percent to 74 days. Buyers felt
empowered as Months Supply of Inventory was up 4.9 percent to 4.3 months.
According to NAR, total housing inventory was 1.15 million units heading into
January, a 13.5% decrease from the previous month but a 16.2% increase from
the same period one year earlier, for a 3.3-month supply at the current sales
pace.
Housing supply remains down compared to pre-pandemic levels, and the
limited number of homes on the market continues to push sales prices higher
nationwide, with the median existing-home price rising 6% year-over-year to
$404,400.
Curious about the current value of your home? Don’t hesitate to reach out to a member of the Kira Witherwax Team at RE/MAX North Country.
To view the full Market Report for January, download the link below.
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