Existing Home Sales Fell 36.9% Year-Over-Year in January

Existing home sales declined 0.7% in January from December to a seasonally adjusted annual rate of 4.00 million, according to analysis by the National Association of Realtors.

Compared with January 2022, existing home sales declined 36.9%.

“Home sales are bottoming out,” stated NAR Chief Economist Lawrence Yun. “Prices vary depending on a market’s affordability, with lower-priced regions witnessing modest growth and more expensive regions experiencing declines.”

The median existing home sales price rose 1.3% year-over-year to $359,000.

Regionally, existing home sales fell 3.8% in the Northeast and 5.0% in the Midwest and increased 1.1% in the South and 2.9% in the West.

The full NAR report can be found here.