Existing-Home Sales Drop 0.7% in January

The National Association of Realtors is reporting that existing home sales were down 0.7% in January to a seasonally-adjusted annual rate of 4 million (down 36.9% year over year). Total housing inventory at the end of January was 980k units, up 2.1% from December but was up 15.3% from one year ago. Unsold inventory sits at a 2.9-month supply at the current sales rate with properties remaining on the market for around 33 days. The median existing-home price for all housing types in January was $359k, up 1.3% from one year ago. Continue reading HERE...