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-over-month, sales rose in the South, Northeast, and the West but fell in the Midwest, with all four regions reporting year-over-year gains.
Closed Sales increased 2.4 percent for existing homes and 9.6 percent for new homes. Pending Sales decreased 6.7 percent for existing homes but increased 2.0 percent for new homes. Inventory increased 16.2 percent for existing homes but decreased 14.9 percent for new homes.
The Median Sales Price was up 11.7 percent to $279,900 for existing homes but decreased 9.0 percent to $482,068 for new homes. Days on Market
increased 15.8 percent for existing homes but decreased 28.0 percent for new homes. Supply increased 13.3 percent for existing homes but increased 13.1 percent for new homes.
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.