Existing-home sales in the South rose to a 5-month high to start 2024, according to the latest data from the National Association of Realtors.
- M-O-M: Total existing-home sales rose to a seasonally adjusted annual rate of 1.84 million in January, up 4.0% from the prior month and the highest level in the last 5 months.
- Y-O-Y: Existing-home sales are up 1.1% from the same time one year ago.
Price. The median existing-home price for all housing types fell to $345,100 in January, down 2.0% from the prior month and 6th drop in the last 7 months. Home prices are now down 5.9% from the June peak of last year.
- Home prices are up 4.0% from the same time last year.
Nationally. Total existing-home sales expanded more than expected to a seasonally adjusted annual rate of 4.00 million in January, up 3.1% from December and the highest level since August.
- Economists predicted a slightly smaller rise to 3.97M and home sales are down 1.8% from the same time last year.
- The median existing-home price for all housing types in January was $379,100, down 0.9% from December and the 7th straight monthly decline. However, prices are up 5.1% from one year ago and was the 7th straight year-over-year increase.
- The inventory of unsold existing homes increased 2.0% from one month ago to 1.01 million at the end of January and is up 3.1% from the same time last year. There is currently 3.0 months supply in January, down from 3.1 in December but up from 2.9 last January.
Analysis. Lawrence Yun, NAR Chief Economist, noted that January benefited from lower rates compared to one year ago. “While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and demand…Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year.”