NAR released a summary of existing-home sales data showing that housing market activity this January rose modestly 0.6% from December 2020. January’s existing-home sales reached a 6.69 million seasonally adjusted annual rates. January’s sales of existing homes rose 23.7% from January 2020.
The national median existing-home price for all housing types rose to $309,900 in January, up 14.1% percent from a year ago. Home prices have continued to escalate, and this marks the 107th consecutive month of year-over-year gains.
Regionally, all four regions showed double-digit price growth from a year ago. The West had the largest gain of 16.1% followed by the Northeast with an increase of 15.8%. The Midwest showed an increase of 14.7% and the South had the smallest price gain of 14.6% from January 2020.
January’s inventory figures dropped 1.9% from last month standing at 1.04 million homes for sale. Compared with January of 2020, inventory levels dropped 25.7%. This would mark 20 straight months of year-over-year declines. It will take 1.9 months to move the current level of inventory at the current sales pace.
It takes approximately 21 days for a home to go from listing to a contract in the current housing market. A year ago, it took 43 days.
From December 2020, two of the four regions had increases in sales. The South had the largest gain of 3.2% followed by the Midwest with an increase of 1.9%. The Northeast had a decline of 2.2% followed by the West with the biggest dip of 4.4%.
From a year ago, all four regions showed double-digit increases in sales. The South region had the largest gain of 25.1%. The Northeast had an increase in sales of 24.3% followed by the Midwest with a rise of 22.7%. The West had the smallest gain of 21.3%.
The South led all regions in percentage of national sales, accounting for 43.9% of the total, while the Northeast had the smallest share at 13.0%.
In January, single-family sales were up 0.2% and condominiums sales were up 4.1% compared to last month. Single-family home sales were up 23.0% while condominium sales were up 28.8% compared to a year ago. The median sales price of single-family homes rose 14.8% at $308,300 from January 2020, while the median sales price of condominiums rose 8.6% at $269,600.
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