Existing home sales, as reported by the National Association of Realtors (NAR), increased 0.4% in January

Existing home sales, as reported by the National Association of Realtors (NAR), increased 0.4% in January to the highest level since July, and are up 11.0% from last January. The first-time buyer share for 2015 averaged 30%, up from 29% in 2014 and 2013. Total existing home sales in January increased to a seasonally adjusted rate of 5.47 million units combined for single-family homes, townhomes, condominiums and co-ops, up from a downwardly revised 5.45 million units in December.

 

The January median sales price of $213,800 was 8.2% above last January, and represents the 47^th consecutive month of year-over-year increases. The median condominium/co-op price of $203,900 in January was up 7.4% from last January.

 

The Pending Home Sales Index increased slightly in December, and the sharp volatility in November and December existing sales was a function of implementing a new regulation. Builder sentiment remains strong, and the tight inventory of existing homes bodes well for new single-family sales in 2016.

Existing Sales Advance http://eyeonhousing.org/2016/02/existing-sales-advance/ via @NAHBhome