Sales of existing U.S. homes rose in January to the highest level in seven months, the National Association of Realtors reported today.
Total existing-home sales – including single family, townhomes, condominiums and co-ops – rose 3 percent to a seasonally adjusted rate of 6.46 million units per year from December’s pace of 6.27 million units, the NAR said. But sales were still 4.3 percent below the 6.75 million-unit level of January 2006.
The 3.55 million existing homes for sale at the end of January were 2.9 percent more than the housing inventory at the end of December, but at the current sales pace represented a 6.6-month supply, the same as December’s revised level. The U.S. housing supply peaked in October at 7.4 months.
“Inventories are looking better, but price softness should continue until spring when the market is expected to become more balanced,” said David Lereah, the NAR’s chief economist.
In the Northeast, January’s existing-home sales rate was 1.07 million units per year, unchanged from December’s and 5.9 percent higher than the pace in January 2006. The median price was $260,700, down 1.2 percent from a year earlier.
The National Association of Realtors is the nation’s largest trade association, representing more than 1.3 million members in all aspects of residential and commercial real estate. Additional information is available at www.realtor.org.
