The National Association of Realtors is reporting that existing home sales were up 0.6% in January to a seasonally-adjusted annual rate of 6.69 million (up 23.7% from one year ago). Total housing inventory at the end of January was 1.04 million units, down 1.9% from December and down 25.7% from one year ago. Unsold inventory sits at a 1.9-month supply at the current sales pace with properties remaining on the market for around 21 days. The median existing-home price for all housing types was $303,900, up 14.%% from January, 2020. Once again, the culprit is low inventory:
“Home sales continue to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market,” said Lawrence Yun, NAR’s chief economist. “Sales easily could have been even 20% higher if there had been more inventory and more choices.”
Click here to read the full report at the National Association of Realtors.