NAR released a summary of existing-home sales data showing that the housing market sales continue to build on the momentum from last month, as January’s existing-home sales reach the 5.47 million seasonally adjusted annual rate. January’s existing-home sales pace is the second highest since 2007 and sales are up 11 percent from a year ago.
The national median existing-home price for all housing types was $213,800 in January, up 8.2 percent from a year ago.
Regionally, all four regions showed growth in prices from a year ago. The Midwest had the largest gain at 8.7 percent while the Northeast had the smallest gain at 0.9 percent from last January.
From December, only the Northeast and the Midwest regions saw gains in sales. The Midwest had the biggest increase of 4.0 percent followed by the Northeast with a gain of 2.7 percent. The South remained flat and the West declined 4.1 percent. All regions showed gains in sales from a year ago. The Northeast had the biggest increase of 20.6 percent while the South had the smallest yet still solid gain of 5.7 percent. The South leads all regions in percentage of national sales at 41.0 percent while the Northeast has the smallest share at 13.9 percent.
January’s inventory figures increased 3.4 percent from last month to 1.82 million homes for sale but this smaller than normal increase in inventories from December to January means the level remains unhealthy. Inventories are down 2.2 percent from a year ago. It will take 4.0 months to move the current level of inventory at the current sales pace. It takes approximately 64 days for a home to go from listing to a contract in the current housing market compared to 69 days a year ago.
Single family sales increased 1 percent while condos fell 4.7 percent compared to last month. Single family home sales increased 11.2 percent and condo sales are up 8.9 percent from a year ago. Both single family and condos had an increase in price with single family up 8.3 percent and condos up 7.4 percent from January 2015.