Existing Home Sales

Existing home sales showed signs of slowing decline in January.  December's figure was revised slightly higher to 4.91 million, and January's level came in at December's originally reported level of 4.89 million annualized pace of homes sold.  This was considerably better than the 1.8% decline forecast by the market to a 4.8 million annual sales pace.  Net, sales fell -.4% MoM, but were unchanged from December's originally reported decline.

The strength emerged in single family sales, which rose +.5% MoM (-22.4% YoY) to an annualized pace of 4.34 million homes, while condos fell -6.5% MoM (-30.2% YoY). 

Inventory rose in single-family homes to 10.3 months from 9.7 months in January, and fell to 11.8 months in condos from 11.9 months the prior month.  Both inventory levels are down from the highs of last October when single-family supply was 10.2 months and condos ran at 12.5 months.  It is fairly normal for inventory levels to rise in January.

Median home prices continue to slide.  Single-family median home prices are down -5.1% YoY to $198,700, and condos are down -1% YoY to $220,400.  In aggregate, existing home prices fell -2.9% MoM and -4.6% YoY.  From the peak, existing home prices are down -11.8%.

Correction-

 

Inventory rose in single-family homes to 10.1 months from 9.4 months in January, and fell to 11.8 months in condos from 11.9 months the prior month.  Both inventory levels are down from the highs of last October when single-family supply was 10.2 months and condos ran at 12.5 months.  The combined inventory for the two categories was 10.3 months in January versus at peak of 10.5 months in October.  It is fairly normal for inventory levels to rise in January.