The National
Association of Realtors (NAR) announced on Thursday that the U.S. existing home
sales climbed 3.1 per cent m-o-m to a seasonally adjusted rate of 4.00 million
in January 2024 from an upwardly revised 3.88 million (from 3.78 million) in December
2023. This marked the highest rate since August 2023 (4.30 million).
Economists had forecast
home re-sales increasing to a 3.97 million-unit pace last month.
In y-o-y terms,
existing-home sales fell 1.7 per cent in January.
Across regions,
existing-home sales rose in the West (+4.3 per cent m-o-m), South (+4.0 per
cent m-o-m), and Midwest (+2.2 per cent m-o-m), and held steady in the Northeast (0 per cent m-o-m). Compared to January
2023, sales increased in the West (+2.8 per cent), but fell in the Northeast (-5.9 per cent),
Midwest (-3.1 per cent) and South (-1.6 per cent).
Over the
reviewed period, the median existing home price for all housing types jumped
5.1 per cent y-o-y to $379,100. This represented the seventh
straight month of
year-over-year gains in median existing-home price.
Single-family
home sales came in at a seasonally-adjusted annual rate of 3.60 million in January,
up 3.4 per cent m-o-m but down 1.4 per cent y-o-y. Meanwhile, existing condominium and co-op sales were registered
at a seasonally adjusted annual rate of 400,000 units in January, unchanged
m-o-m and down 4.8 per cent y-o-y.
Commenting on
the latest data, Lawrence Yun, NAR chief economist, noted that the January
monthly gain is the start of more supply and demand. “Listings were modestly
higher, and home buyers are taking advantage of lower mortgage rates compared
to late last year," he added.