NAR released a summary of existing-home sales data showing that housing market activity this January improved 3.3 percent from last year. January’s Existing-Home Sales reached the 5.69 million seasonally adjusted annual rate and existing-home sales are beginning the year with the fastest pace in nearly ten years.
The national median existing-home price for all housing types was $228,900 in January, up 7.1 percent from a year ago. This marks 59 consecutive months of year over year’s gains as prices continue to rise.
Regionally, all four regions showed growth in prices from a year ago, with the South leading all regions with an incline of 9.2 percent. The West had a gain of 6.8 while the Midwest followed with a gain of 6.5 percent. The Northeast had the smallest gain of 5.2 percent from January 2016.
From December, three of the four regions experienced inclines in sales while the Midwest declined 1.5 percent. The West had the biggest incline of 6.6 percent while the Northeast had a 5.3 percent incline in sales. The South had the smallest incline of 3.6 percent.
Three of the four regions showed an increase in sales from a year ago with the Midwest being the only region with a decline of 0.8 percent. The West had the biggest gain of 8.4 percent. The Northeast had a gain of 6.7 percent and the South had the smallest increase of 3.1 percent. The South headed all regions in percentage of national sales at 40.6 percent while the Northeast has the smallest share at 14.1 percent.
January’s inventory figures are up 2.4 percent from last month to 1.69 million homes for sale. Inventories are down 7.1 percent from a year ago which is 20 months of year over year declines. It will take 3.6 months to move the current level of inventory at the current sales pace. It takes approximately 50 days for a home to go from listing to a contract in the current housing market, down from 64 days a year ago.
Single-family sales inclined 2.6 percent while condominiums also improved 8.3 percent compared to last month. Single-family home sales inclined 3.7 percent and condominium sales were up 4.8 percent compared to a year ago. Both single family and condominiums had an increase in price with single family up 7.3 percent at $230,400 and condominiums up 6.2 percent at $217,400 from January 2016.