Sales of existing homes jumped far more than expected, even as supply hit another record low and prices rose significantly.
Sales of previously owned homes in January rose 6.7% from December to a seasonally adjusted annualized rate of 6.5 million units, according to the National Association of Realtors.Tight supply and strong demand pushed the median price of a home sold in January to $350,300, an increase of 15.4% from January 2021.Sales of previously owned homes in January rose 6.7% from December to a seasonally adjusted annualized rate of 6.5 million units, according to the National Association of Realtors.
"Seller traffic is very very low, implying that inventory is struggling to make the turn. Realtors are indicating multiple bidding wars are still happening," said Lawrence Yun, chief economist for the Realtors. That price is being somewhat skewed by the fact that the bulk of sales activity is on the higher end of the market. Supply is leanest on the low end. Homes priced between $100,000 and $250,000 were down 23% from a year ago, while sales of homes priced between $750,000 and $1 million rose 33%. Sales of homes priced above $1 million were up 39%.
These sales are based on contracts signed in November and December, before mortgage rates began to rise sharply. The average rate on the 30-year fixed loan was around 3.2% during that time. Now it is just over 4%, according to Mortgage News Daily.
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