U.S. existing-home sales climbed 5.1% month-over-month and 1.4% yearover-year to a seasonally adjusted annual rate of 4.35 million units, the strongest pace in nearly three years, according to the National Association of REALTORS® (NAR). Lower mortgage rates and slower home price growth helped spur buyer activity, and sales increased month-over-month in every region. On an annual basis, sales rose in the South, held steady in the West and Midwest, and declined in the Northeast.
New Listings decreased 23.2 percent for Single Family homes and 11.5 percent for Townhouse-Condo homes. Pending Sales decreased 48.1 percent for Single Family homes and 53.0 percent for Townhouse-Condo homes. Inventory decreased 16.2 percent for Single Family homes but increased 12.5 percent for Townhouse-Condo homes.
Median Sales Price increased 2.6 percent to $1,180,000 for Single Family homes and 3.1 percent to $670,000 for Townhouse-Condo homes. Days on Market increased 5.1 percent for Single Family homes and 32.5 percent for Townhouse-Condo homes. Months Supply of Inventory decreased 8.7 percent for Single Family homes but increased 23.1 percent for TownhouseCondo homes.
Nationally, there were 1.18 million homes for sale heading into January, an 18.1% decline from the previous month but 3.5% higher compared to the same period last year, representing a 3.3-month supply at the current sales pace, according to NAR. Meanwhile, the median existing-home price rose 0.4% from a year ago to $405,400, reflecting a continued moderation in national price growth.
