Existing-Home Sales Climb in January as Housing Inventory Drops

Source: National Association of Realtors

Existing-home sales jumped in January, with housing inventory marking a decline to hit an all-time low. XHB is up 0.25%, while ITB is up 0.10%.

• Total existing-home sales for the month grew by 6.7% from the previous month to an adjusted annual rate of 6.50 million. Year-on-year sales dropped by 2.3%.
• NAR Chief Economist Lawrence Yun attributed the increase to buyers scoring at low rates, as they anticipate further rate increases.
• Housing inventory for the month stood at 860,000 units, marking a 2.3% decline from December and 16.5% from the previous year.
• Unsold inventory reflects a 1.6-month supply at the current sales pace, down from 1.7 months in December and from 1.9 months the same month last year.
• Upper-end homes priced over $500,000 posted growth from the previous year, expected to drive home-buying decisions longer.
• Median existing-home prices for the month were recorded at $350,000, up 15.4% from the $303,600 in the same month last year.