The housing market began 2024 with an uptick in existing home sales, according to data from the National Association of Realtors (NAR).
Total existing home sales were up by 3.1% from December to a seasonally adjusted annual rate of 4 million in January. Year-over-year, however, sales dropped by 1.7% from 4.07 million in January 2023.
Among the four major regions, month-over-month sales accelerated in the Midwest, South and West and while remaining steady in the Northeast. Year-over-year, sales improved in the West but were down in the other regions.
Total housing inventory at the end of January was 1.01 million units, up 2% from December and 3.1% from one year ago. Unsold inventory sits at a 3-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 the $360,800 recorded one year ago. All four U.S. regions posted price increases.
“The median home price reached an all-time high for the month of January,” said NAR Chief Economist Lawrence Yun. “Multiple offers are common on mid-priced homes, and many homes were still sold within a month. The elevated share of cash deals – 32% – indicated a market full of multiple offers and propelled by record-high housing wealth.”
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