“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home. Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate and deteriorating affordability conditions.”
-- Lawrence Yun, NAR Chief Economist
Data supporting the statements by Mr. Yun include a 7.1 percent rise in median existing-home prices for all hoursing types compared to January of 2016 and the fact that the housing inventory rose 2.4 percent from December to January, even though the total inventory is still 7.1 percent lower than last year.
Other key factors in the report were the days on market - down from 64 days one year ago to 50 days in January and the fact that 38 percent of homes sold in January were are the market for less than a month. Currently the report shows a 3.6 month supply of unsold inventory.
All data can be viewed and researched online at the NAR website.
Written and Published by: VanEd