U.S. existing-home sales climbed 5.1% month-over-month and 1.4% year-over-year to a seasonally adjusted annual rate of 4.35 million units, the strongest pace in nearly three years, according to the National Association of REALTORS® (NAR). Lower mortgage rates and slower home price growth helped spur buyer activity, and sales increased month-over-month in every region. On an annual basis, sales rose in the South, held steady in the West and Midwest, and declined in the Northeast.
New listings decreased 5.2% for residential homes and 7.1% for townhouse/condo homes. Pending sales decreased 3.5% for residential homes and 5.8% for townhouse/condo homes. Inventory decreased 5.7% for residential homes but increased 1% for townhouse/condo homes.
Median sales price increased 1.9% to $275,000 for residential homes and 3.4% to $224,900 for townhouse/condo homes. Days on market increased 11.9% for residential homes and 14.9% for townhouse/condo homes. Months supply of inventory decreased 9.5% for residential homes but remained flat for townhouse/condo homes.
Nationally, there were 1.18 million homes for sale heading into January, an 18.1% decline from the previous month but 3.5% higher compared to the same period last year, representing a 3.3-month supply at the current sales pace, according to NAR. Meanwhile, the median existing-home price rose 0.4% from a year ago to $405,400, reflecting a continued moderation in national price growth.
