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Home Sales Brisk

Existing-home sales stepped out to a fast start in 2017, surpassing a recent cyclical high and increasing in January to the fastest pace in almost a decade, according to the National Association of Realtors®. All major regions except for the Midwest saw sales gains last month.. January’s sales pace is 3.8 percent higher than a year ago (5.48 million) and surpasses November 2016 (5.60 million) as the strongest since February 2007 (5.79 million).
The median existing-home price 2 for all housing types in January was $228,900, up 7.1 percent from January 2016 ($213,700). January’s price increase was the fastest since last January and marks the 59th consecutive month of year-over-year gains. Total housing inventory 3 at the end of January rose 2.4 percent but is still 7.1 percent lower than a year ago.. Unsold inventory is at a 3.6-month supply at the current sales. pace (unchanged from December 2016). Thirty-eight percent of homes sold in January were on the market for less than a month.
Lawrence Yun, NAR chief economist, says January’s sales gain signals resilience among consumers even in a rising interest rate environment. “Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home,” he said. “Market challenges remain, but the housing market is off to a prosperous start.”

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