Existing Home Sales Highest in a Decade
Existing-home sales in January reached their fastest pace in nearly a decade, the National Association of Realtors® reports. Total existing-home sales—completed transactions that include single-family homes, townhomes, condos, and co-ops—rose 3.3 percent to a seasonally adjusted annual rate of 5.69 million in January. That's 3.8 percent higher than a year ago and marks the strongest month since February 2007, according to the NAR. "Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home," says NAR chief economist Lawrence Yun. "Market challenges remain, but the housing market is off to a prosperous start as home buyers staved off inventory levels that are far from adequate and deteriorating affordability conditions." Additional data from the report:
- The median existing-home price for all housing types in January was $228,900—a 7.1 percent increase from a year ago.
- Total housing inventories at the end of the month increased 2.4 percent to 1.69 million existing homes available for sale. That is still 7.1 percent lower than a year ago.
- All-cash transactions comprised 23 percent of transactions in January, down from 26 percent a year ago.
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