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  • Writer's pictureKira Witherwax

January Marketing Report

U.S. existing-home sales slipped 1.0% month-over-month and were down

6.2% year-over-year as of last measure, while pending sales jumped 8.3% from

the previous month, marking the largest gain since June 2020, according to the

National Association of REALTORS® (NAR). Mortgage rates have dropped

significantly from their peak last fall, and homebuyers are beginning to come out

of the woodwork, with NAR forecasting a 13% increase in existing-home sales

this year compared to 2023.

New Listings increased 7.7 percent to 98. Pending Sales were up 31.5 percent

to 96. Inventory levels shrank 19.9 percent to 403 units.

Prices continued to gain traction. The Median Sales Price increased 11.1

percent to $200,000. Days on Market was down 28.7 percent to 67 days.

Sellers were encouraged as Months Supply of Inventory was down 15.9 percent

to 3.7 months.

Despite tepid sales activity, the persistent shortage of housing supply has

helped prop up home values nationwide, with the median existing-home price

rising 4.4% year-over-year to $382,600, according to NAR. Total unsold

inventory was at 1 million units heading into January, an 11.5% decline from the

previous month, for a 3.2 months’ supply at the current sales pace. Nationally,

listing activity has started to pick up, and with mortgage rates stabilizing and

housing completions on the rise, inventory is expected to improve in the coming months.

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.

ACVMLS- January 2024 Stats - February Release
Download PDF • 147KB

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