January 2024
U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2%
year-over-year as of last measure, while pending sales jumped 8.3% from the
previous month, marking the largest gain since June 2020, according to the National
Association of REALTORS® (NAR). Mortgage rates have dropped significantly from
their peak last fall, and homebuyers are beginning to come out of the woodwork,
with NAR forecasting a 13% increase in existing-home sales this year compared to
2023.
New Listings were up 17.9 percent to 1,472. Pending Sales increased 24.6 percent
to 1,165. Inventory grew 29.9 percent to 2,452 units.
Prices moved higher as Median Sales Price was up 3.2 percent to $258,000. Days
on Market decreased 4.3 percent to 44 days. Months Supply of Inventory was up
35.3 percent to 2.3 months, indicating that supply increased relative to demand.
Despite tepid sales activity, the persistent shortage of housing supply has helped
prop up home values nationwide, with the median existing-home price rising 4.4%
year-over-year to $382,600, according to NAR. Total unsold inventory was at 1
million units heading into January, an 11.5% decline from the previous month, for a
3.2 months’ supply at the current sales pace. Nationally, listing activity has started
to pick up, and with mortgage rates stabilizing and housing completions on the rise,
inventory is expected to improve in the coming months.
Information courtesy of CMLS*
