Existing-home sales post twelfth monthly decline in January, as prices rise again MABA MaBuyerAgent MassachusettsRealEstate FirstTimeHomeBuyers 

 Existing-home sales fell for the twelfth  month in a row in January as house prices rose for the one hundred and thirty one consecutive month, the longest streak of gains on record, the National Association of REALTORS® said. Month over month, existing-home sales, which include single-family homes, townhomes, condominiums and co-ops, slid point seven percent to an annual rate of four million, which is thirty six point nine percent lower than the year before. Analysts were expecting an annual rate of 4.1 million. The median existing-home price for all housing types in January was $359,000, representing a one point three percent rise from the year before.    

 The thirty year fixed-rate mortgage averaged six point thirty two percent as of February 16, 2023 up from six point twelve percent a week before and three point ninety two percent a year earlier, according to Freddie Mac. Total housing inventory at the end of January was 980,000 units, a two point one percent increase on a month-over-month basis and a fifteen point three percent gain on a year-over-year basis. At the current sales pace, unsold inventory represented a 2.9-month supply, the same as December and up from 1.6 months in January 2022. Properties typically remained on the market for thirty three days in January, up from twenty six days in December and twenty two in January 2022.

 Fifty-four percent of homes sold in January were on the market for less than a month. By property type, single-family home sales in January slid to a seasonally adjusted annual rate of 3.59 million, down zero point eight percent from 3.62 million in December and down thirty six point one percent from a year earlier. The median existing single-family home price was $363,100, up zero point seven percent on a year-over-year basis. Existing condominium and co-op sales came in at a seasonally adjusted annual rate of 410,000 units in January, the same as December but down forty three point one percent compared to January 2022.

 The median existing condo price rose five point two percent year over year to $320,000. “Home sales are bottoming out,” NAR Chief Economist Lawrence Yun said in a press release. “Prices vary depending on a market’s affordability, with lower-priced regions witnessing modest growth, and more expensive regions experiencing declines.”  Month-over-month, sales were mixed among the four major U.S. regions, with gains in the South and West and declines in the East and Midwest. Sales were down across the board on an annual basis.   

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