(NAR) Existing-home sales in the US hit an annual rate of 6.50 million in January, up 6.7% from the previous month.
NAR’s chief economist Lawrence Yun says the uptick in existing home sales reflect thebuyers taking advantage of the low rates in anticipation of future hikes. He points out that investors also boosted demand with all-cash offers.
Each of the four major regions of the US posted gains in existing home sales on a monthly basis.
On a year-over-year basis, existing home sales fell 2.3% in January 2022.
At the end of January, total house inventory stood at an all-time low of 860,000 units, 2.3% below December and 16.5% below last year. Unsold inventory was at a 1.6-month supply, down from 1.7 months in December and 1.9 months in January 2021.
Overall existing home prices rose by an annual 15.4% to $350,300 in January, capping the 119 straight months of increase.
First-time buyers of existing homes comprised 27% of the total sales in January, below 30% in December, and 33% in the prior year.
SPY is up +0.0046%, DXY is up +0.15%.
