The National Association of Realtors’ (NAR) January data showed existing-home sales starting out strong in the new year. Total completed transactions for single-family homes, condos, townhomes and co-ops grew 3.3% compared to December 2016 and were 3.8% greater than the same time last year. Existing-home sales in the West proved to be more robust in January, climbing 6.6% month-over-month and 8.4% year-over-year.
Lawrence Yun, NAR’s chief economist, attributed the spike in existing-home sales to “strong hiring and improved consumer confidence,” but he went on to caution that low inventory levels and “deteriorating affordability conditions” are still presenting challenges in many housing markets. Indeed, total housing inventory grew by 2.4% by the end of January, but was 7.1% lower than the same time last year. The median existing-home price grew at its fastest pace since January 2016, making a 7.1% increase to $228,900. To read the NAR’s full press release, visit http://bit.ly/2mp1x2r.