U.S. existing-home sales advanced for the third straight month, climbing 2.2% to a seasonally adjusted annual rate of 4.24 million units, a 10-month high, according to the National Association of REALTORS® (NAR). Sales were up 9.3% year-over-year, driven largely by purchases of homes priced $500,000 and above. Month-over-month, sales rose in the South, Northeast, and the West but fell in the Midwest, with all four regions reporting year-over-year gains.
New Listings decreased 0.4 percent for Single Family homes but increased 3.6 percent for Townhouse-Condo homes. Pending Sales decreased 39.7 percent for Single Family homes and 48.3 percent for Townhouse-Condo homes. Inventory increased 10.9 percent for Single Family homes and 42.3 percent for Townhouse-Condo homes.
Median Sales Price increased 12.5 percent to $1,150,000 for Single Family homes and 1.8 percent to $649,500 for Townhouse-Condo homes. Days on Market increased 22.6 percent for Single Family homes and 25.0 percent for Townhouse-Condo homes. Months Supply of Inventory increased 10.5 percent for Single Family homes and 38.9 percent for Townhouse-Condo homes.
According to NAR, total housing inventory was 1.15 million units heading into January, a 13.5% decrease from the previous month but a 16.2% increase from the same period one year earlier, for a 3.3-month supply at the current sales pace. Housing supply remains down compared to pre-pandemic levels, and the limited number of homes on the market continues to push sales prices higher nationwide, with the median existing-home price rising 6% year-over-year to $404,400.
