"In addition to the sales pace decreasing, the inventory of unsold homes also fell on a monthly basis, dropping 0.8% from December to 1.22 million unsold units, which represents 3.7 months' supply at the current sales pace. Despite the drop from a month prior, the inventory of unsold existing homes is up 3.4% compared to a year ago. The report also noted that the median sales price rose 0.9% year-over-year to $396,800, marking the 31st consecutive month of annual price increases."
"Regionally, the pace of existing home sales rose month-over-month in the Northeast (5.9%) to an annual pace of 480,000 units, but fell 7.1% in the Midwest (920,000 units), 9.0% in the South (1.81 million units) and 10.3% in the West (700,000 units). Year-over-year, the sales pace dropped in all four regions with the West dropping the most at 7.9% and the South recording the smallest decrease at 1.6%"
Existing-home sales slowed and monthly unsold inventory fell 0.8% to 1.22 million units, equivalent to a 3.7 months' supply, while inventory remained 3.4% higher than a year earlier. The median sales price rose 0.9% year-over-year to $396,800, marking 31 consecutive months of annual price gains and reaching a January record due to low supply. Typical homeowners gained approximately $130,500 in housing wealth since January 2020. Regionally, sales rose in the Northeast but declined in the Midwest, South, and West, with year-over-year drops across all regions. The Housing Affordability Index increased to 116.5, marking continued affordability improvement.
Read at www.housingwire.com
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