Existing Home Sales Down Month-Over-Month and Year-Over-Year in January

The National Association of Realtors® (NAR) reported on Tuesday (2-21-23) that total existing home sales, which are completed transactions for single-family homes, townhomes, condominiums, and co-ops, recorded a 0.7% decline in January from December to a seasonally adjusted rate at 4.00 million homes. This is the twelfth consecutive month of declines. Year-over-year, sales are down 36.9% (6.34 million in January 2022).

At the end of January, total housing inventory registered was 980,000 units, up 2.1% month-over-month and up 15.3% (850,000) year-over-year. At the end of January, unsold inventory was at a 2.9-month supply—unchanged from December but up year-over-year from the January 2022 rate of 1.6 months.

The median existing home price for all housing types in January was $359,000, which represents a 1.3% increase from January 2022 ($354,300), as prices increased in three out of four regions. This marks 131 consecutive months of year-over-year increases, the longest-running streak on record.

In January, properties typically remained on the market for 33 days, up from 26 days in December and 24 days in November. Fifty-four percent of homes sold in January were on the market for less than a month.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.