Inventory increased 2% month-over-month to 1.01 million units and is up 3.1% year-over-year. There is a 3-month supply of homes, which is seen as tight because around 5 months is considered normal. The median home price increased by 5% from a year ago to $379,100. Homes remained on the market for 36 days on average, which is up from 29 days in December. We are definitely seeing a slowdown at this time of year (January) as we normally see. First-time homebuyers accounted for 28% of sales, down from 29% in the previous report. Cash buyers accounted for 32% of sales, a jump from 29%. Investors made up 17%, up from 16% in last month’s report.
Overall, sales are strengthening in the Existing Home sector as we see them jump in the January data. As rates improve and more homes come to market, we should see this trend continue in the next reports to come.
Source : https://bit.ly/42O7zPi
By: Jon Iacono