January marked two months of a back-to-back increase in existing home sales. January’s seasonally adjusted rate rose 0.6% to a rate of 6.69 million. And compared to last year, sales are up 23.7% from 5.41 million, with each of the major reasons experiencing this double-digit gain. And with existing-home sales on the rise, median existing-home prices are on the rise as well. Up 14.1% from January 2020 and marketing 107 consecutive months of increases, the median home price for all types is $303,900.
With such a hot market and historically low inventory, what inventory is left is being bought quickly. NAR’s chief economist Lawrence Yun explains, “sales easily could have been even 20% higher if there had been more inventory and more choices.” And with jobs projected to return, another stimulus package, and a COVID-19 vaccine, he projects that the market will remain strong for 2021.
Information Provided by NAR – View Original Article Here
Existing-Home sales tick UP 0.6% in January. (2021, February 19). Retrieved February 26, 2021, from https://www.nar.realtor/newsroom/existing-home-sales-tick-up-0-6-in-january