Sales of previously owned U.S. homes saw a 3.1% increase in January, reaching a seasonally adjusted annual rate of 4 million, marking the strongest sales pace since August. This growth was attributed to the combination of easing mortgage rates and a slight uptick in available properties on the market. While this rise in sales is a positive sign for the housing market, it is important to note that sales were still 1.7% lower compared to January 2023.
The National Association of Realtors reported that the national median sales price for existing homes rose by 5.1% from January last year, reaching $379,100. This marks the highest median sales price for January since records began in 1999. The increase in sales was supported by a modest rise in the number of homes available for purchase, with 1.01 million homes on the market by the end of December.
