January Existing Home Sales: +0.6% to 6.690M vs. 6.600M consensus and 6.65M (revised from 6.760M).

 January Existing Home Sales: +0.6% to 6.690M vs. 6.600M consensus and 6.65M (revised from 6.760M)


Existing home sales stayed solid increasing 0.6% from December to up 23.7% y/y from December's 20.7%. That is the 5th straight month of 20+% y/y change in existing home sales.  The median existing-home sales price rose to $303,900, 14.1% higher from one year ago. As of the end of January, housing inventory fell to a record-low of 1.04 million units, down by 25.7% year-over-year – a record decline.

"Home sales continue to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market," said Lawrence Yun, NAR's chief economist. "Sales easily could have been even 20% higher if there had been more inventory and more choices."




Properties typically remained on the market for 21 days in January, seasonally even with December and down from 43 days in January 2020. Seventy-one percent of the homes sold in January 2021 were on the market for less than a month.  First-time buyers were responsible for 33% of sales in January, up from 31% in December 2020 and from 32% in January 2020.

Regionally was mixed m/m but all regions up at least 14% y/y:

Existing-home sales in the Northeast fall 2.2%, recording an annual rate of 870,000, a 24.3% increase from a year ago. The median price in the Northeast was $361,400, up 15.8% from January 2020.

Existing-home sales in the Midwest inched up 1.9% to an annual rate of 1,570,000 in January, a 22.7% jump from a year ago. The median price in the Midwest was $227,800, a 14.7% increase from January 2020.

Existing-home sales in the South grew 3.2%, posting an annual rate of 2,940,000 in January, up 25.1% from the same time one year ago. The median price in the South was $263,300, a 14.6% climb from a year ago.

Existing-home sales in the West fell 4.4% from the month prior, recording an annual rate of 1,310,000 in January, a 21.3% increase from a year ago. The median price in the West was $461,800, up 16.1% from January 2020.




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