‘More Supply and Demand’ as Existing Home Sales Grow 3.1% in January

Existing home sales grew 3.1% in January to a seasonally adjusted rate of 4.00 million, according to the National Association of Realtors. Compared with January 2023, sales were down 1.7%.

The median sales price of existing homes was $379,100, a 5.1% jump from January 2023.

“While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and demand,” NAR Chief Economist Lawrence Yun stated. “Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year.”

Regionally, existing home sales were unchanged in the Northeast, up 2.2% in the Midwest, 4.0% in the South and 4.3% in the West.

The full NAR report can be found here.

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