Existing Home Sales up Again in January

 

Sales of single-family home were up 2.4 percent to 4.69 million units from a revised 4.58 million units in December, while condominium and coop sales rose 4.7 percent to 670,000 units from 640,000 units in December.

Existing homes were up again in January–the fifth increase in the past six months. The National Association of Realtors reported a 2.7 percent increase to a seasonally adjusted annual rate of 5.36 million units in January 2011, building on the 6.1 percent increase in November and 11.1 percent increase in December. Overall, from the low of 3.84 million units in July, existing home sales have gained 39.6 percent in the six months to January 2011.

From their low in July 2010, single-family home sales have grown 39.1 percent, while condominium and coop sales are up 42.5 percent.

Across the regions, sales growth was mixed, with the West increasing 7.9 percent to 1.37 million units, the South up 3.6 percent to 2.02 million units and the Midwest rising 1.8 percent to 1.14 million units, but the Northeast was down 4.6 percent to 830,000 units.

The housing inventory continued to fall, down 5.1 percent to 3.38 million existing homes for sale. At the current sales level, this represents a 7.6-month supply, down from an 8.2-month supply in December.

- Courtesy of NAHB