US Existing-Home Sales Increase Month-Over-Month but Decline Year-Over-Year in January

On Thursday, the National Association of Realtors® (NAR) reported that total existing-home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 3.7% month-over-month increase in January to a seasonally adjusted rate of 4.00 million homes. Year-over-year, sales were down 1.7% from 4.07 million in January 2023.

Among the four major US regions, sales in January increased in the Midwest, South, and West, while holding steady in the Northeast. Year-over-year, sales improved in the West, while declining in Northeast, Midwest, and South.

At the end of January, total housing inventory registered was 1.01 million units, up 2.0% from December and up 3.1% from one year ago (980,000 units in January 2023). Unsold inventory was at a 3.0-month supply at the current sales pace, down from 3.1 months in December but up from 2.9 months in January 2023.

The median existing home price for all housing types in January was $379,100, an increase of 5.1% from January 2023 ($360,800). Prices increased in all four regions.

According to the REALTORS® Confidence Index, properties typically remained on the market for 36 days in January, up from 29 days in December and 33 days in January 2023.