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.
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