Despite the likelihood of rising mortgage interest rates, the median home sale price and the number of home units sold in January increased, continuing the trend of steady annual growth.
The median sale price for all homes, according to Redfin, a national real estate brokerage, rose 7 percent to $261,000 while sales increased 5.6 percent to 171,000 units versus the comparable year ago period. Meanwhile housing inventory declined 12 percent, the largest annual drop for that figure since April 2013. The inventory situation, which stood at 3.9 months of supply, was due partly to a 5.1-percent decrease in new listings. The typical home sold in 59 days, the fastest time from listing to sale since Redfin began tracking that metric in 2010.
“Buyers jumped through three hurdles last month: rising prices, low inventory and a fast market,” said Nela Richardson, Redfin’s chief economist. “Sellers, however, are still warming the bench as the supply picture looks weaker than demand.”
A breakdown of Redfin’s latest figures by major metro markets for median sales prices, listings, number of homes sold, and inventory is available by clicking the link below.
A size squeeze is coming for single-family homes.