Existing-home sales expanded 3.1% in January to a seasonally adjusted annual rate of 4.00 million, according to the National Association of Realtors (NAR). Sales declined 1.7% from the prior year (down from 4.07 million in January 2023).
“While home sales remain sizably lower than a couple of year 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 was up 2.0% from December to 1.01 million units and up 3.1% from one year ago (980,000). Unsold inventory sits at a 3.0-month supply at the current sales pace, down from 3.1 months in December but up from 2.9 months in January 2023.
The median existing-home price for all housing types in January was $379,100, an increase of 5.1% from one year ago ($360,800). All four U.S. regions posted price increases.
Distressed sales – foreclosures and short sales – represented 2% of sales in January, virtually unchanged from last month and the previous year.
Read the NAR release.
