The National Association of Realtors (NAR) reported Tuesday that the
U.S. existing home sales fell 0.7 percent m-o-m to a seasonally adjusted rate
of 4.00 million in January 2023 from an upwardly revised 4.03 million (from 4.02
million) in December 2022. That marked the lowest rate since October 2010 (3.83
Economists had predicted home re-sales accelerating to a 4.10 million-unit
pace last month.
In y-o-y terms, existing-home sales plummeted 36.9 percent in January.
Across regions, existing-home sales dropped in the Midwest (-5.0 percent
m-o-m) and Northeast (-3.8 percent m-o-m) but increased
in the West (+2.9 percent m-o-m) and South (+1.1 percent m-o-m).
In y-o-y terms, all four major regions posted double-digit declines in existing-home
sales in December, led by the West (-42.4 percent y-o-y).
Over the reviewed period, the median existing-home price for all housing
types jumped 1.3 percent y-o-y to $359,000. That marked the 131st straight
month of y-o-y gains in prices.
Single-family home sales came in at a seasonally-adjusted annual rate of
3.59 million in January, down 0.8 percent m-o-m and down 36.1 percent y-o-y.
The median existing single-family home price rose 0.7 percent y-o-y to $363,100
Meanwhile, existing condominium and co-op sales were registered at a
seasonally-adjusted annual rate of 410,000 units in January, flat m-o-m but down
43.1 percent y-o-y. The median existing condo price climbed 5.2 percent y-o-y