January 2025
U.S. existing-home sales advanced for the third straight month, climbing 2.2% to a
seasonally adjusted annual rate of 4.24 million units, a 10-month high, according to
the National Association of REALTORS® (NAR). Sales were up 9.3% year-over-year,
driven largely by purchases of homes priced $500,000 and above. Month-overmonth,
sales rose in the South, Northeast, and the West but fell in the Midwest, with
all four regions reporting year-over-year gains.
New Listings were up 8.0 percent to 1,513. Pending Sales increased 2.0 percent to
1,109. Inventory grew 28.0 percent to 2,893 units.
Prices moved higher as Median Sales Price was up 3.9 percent to $268,000. Days
on Market increased 19.6 percent to 55 days. Months Supply of Inventory was up
23.8 percent to 2.6 months, indicating that supply increased relative to demand.
According to NAR, total housing inventory was 1.15 million units heading into
January, a 13.5% decrease from the previous month but a 16.2% increase from the
same period one year earlier, for a 3.3-month supply at the current sales pace.
Housing supply remains down compared to pre-pandemic levels, and the limited
number of homes on the market continues to push sales prices higher nationwide,
with the median existing-home price rising 6% year-over-year to $404,400.
Information courtesy of CMLS*
