News

Existing home sales decreased 4.9% in January, but improved 2.0% from January 2024, the fourth consecutive monthly year-over-year increase. Housing inventory grew to 1.18 million units, reflecting a 3.5% rise from December and a 16.8% jump from last year. The median existing home price was $396,900, up 4.8% from last year, with all four U.S. regions reporting price increases.

Single-family home sales fell 5.2% in January, with the median price increasing 5.0% from January 2024 to $402,000. Condo and co-op sales slipped 2.4% to 400,000 units in January, identical to the sales level from the previous year. Meanwhile, the median price rose 2.9% from the prior year to $349,500.

Homes were typically on the market for 41 days in January, up from 35 days in December and 36 days in January 2024. First-time buyers made up 28% of sales in January, down slightly from 31% in December but unchanged from January 2024. All-cash sales accounted for 29% of transactions in January, up from 28% in December but down from 32% in January 2024. Meanwhile, investors or second-home buyers represented 17% of homes purchased in January, up from 16% in December and the same as January 2024. Distressed sales, including foreclosures and short sales, represented 3% of purchases in January, virtually unchanged from December and the previous year.