Existing-home sales inched upwards in January to their peak SAAR in six months, according to the National Association of Realtors®.
Total EHS grew 0.4 percent to a SAAR of 5.47M in January, up a nudge from December’s 5.45M in December. This marked an 11.0% year-over-year gain – the largest since July 2013’s +16.3%.
Lawrence Yun, NAR chief economist:
“The housing market has shown promising resilience in recent months, but home prices are still rising too fast because of ongoing supply constraints. Despite the global economic slowdown, the housing sector continues to recover and will likely help the U.S. economy avoid a recession.”
The median prices for EHS (all housing types) in January was $213,800, an 8.2% year-over-year increase. This marks the 47th consecutive month of YOY gains.
For more details on Existing Home Sales, visit Realtor.org.
Dave Eckstein is a Partner in the firm ESA & Company. He specializes in highly profitable market share growth for local businesses and gets a kick out of demonstrating a declining cost of customer acquisition. He plays baseball, but isn't that Dave Eckstein.