NAR released a summary of existing home sales data showing that January’s existing home sales are up from last year but down from last month starting the year off to a sluggish pace. January’s sales show a fourth consecutive month of year over year improvement up 3.2%, even though they represent the lowest sales level since April of last year.
The national median existing-home price for all housing types was $199,600 in January, up 6.2% percent from January 2014.
Regionally, all four regions showed growth in prices, the Midwest had the largest gain at 8.2% while the Northeast had the smallest gain at 2.7% from last January. All regions showed a decline in sales from last month, the West had the biggest decline at 7.1%. All regions showed an increase in sales from a year ago, and the South had the biggest gain at 5.6% while the Midwest had the smallest gain at 0.9%.
January’s inventory figures increased 0.5% from last month but are down 0.5 % from a year ago and it will take 4.7 months to move the current level of inventory. It takes approximately 69 days for a home to go from listing to a contract in the current housing market, slightly longer than last year at 67 days.
Single family sales decreased 5.1% and condo sales fell 3.5% from last month. Single family homes had an increase of 3.9% from a year ago, while condo sales slipped by 1.8%. Both single family and condos had an increase in price with single family up 6.3% and condo up 5.3% from a year ago, January 2014. Without an increase in inventories the pressure from demand is bound to have an impact on home prices going forward.