- Existing-home sales at a 4.62M seasonally adjusted pace in January fell 5.1% from December and hit an 18-month low, according to the NAR.
- Surprising no one by blaming the weather, the NAR's Larry Yun reminds not to ignore the headwinds of tight credit, limited inventory, higher prices, and higher interest rates.
- The median existing-home sales price of $188,900 rose 10.7% from a year ago. Distressed sales accounted for 15% of January action vs. 24% a year ago.
- Inventory: Up 2.2% to 1.9M homes, or a 4.9-month supply at the current sales pace. A supply of 6-6.5 months is considered a rough balance between buyers and sellers.
- Full report