Keeping you up to date on the latest data releases.
- Existing Home Sales
The January report for existing single-family home sales showed continued improvement with sales increasing 2.4 percent to an annualized pace of 4.69 million units. Strength was seen in the Midwest, West, and South regions, where existing single-family home sales rose 1.0 percent 2.9 percent and 6.9 percent, respectively. January existing single family home sales fell 4.6 percent in the Northeast after increasing 16.0 percent in December. Year-over-year sales growth improved in January to 4.9 percent,up from −3.2 percent in December. Months’ supply of existing homes at the current sales pace continued to improve, declining 5.1 percent to 7.5 months and is at its lowest level since January 2010. Despite the improvement in sales of existing single-family homes, prices continued to fall. The median home price slipped 5.8 percent over the month to $159,400 and is down 2.7 percent year-over-year. January’s report noted that all cash sales, commonly associated with distressed home sales, rose to 32.0 percent, up from 26.0 percent a year ago. The increase in cash sales could explain the decline in the median existing single-family home price despite the pickup in sales.