RSS Feed by Calculated Risk on 2/22/2024 10:00:00 AM
Thursday, February 22, 2024
NAR: Existing-Home Sales Increased to 4.00 million SAAR in January
From the NAR: Existing-Home Sales Rose 3.1% in January
Existing-home sales grew in January, according to the National Association of REALTORS®. Among the four major U.S. regions, sales accelerated in the Midwest, South and West, and remained steady in the Northeast. Year-over-year, sales improved in the West, and decreased in the Northeast, Midwest and South.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – elevated 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January. Year-over-year, sales slipped 1.7% (down from 4.07 million in January 2023).
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Total housing inventory registered at the end of January was 1.01 million units, up 2.0% from December and 3.1% from one year ago (980,000). Unsold inventory sits at a 3.0-month supply at the current sales pace, down from 3.1 months in December but up from 2.9 months in January 2023.
emphasis added
Click on graph for larger image.This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1994.
Sales in January (4.00 million SAAR) were up 3.1% from the previous month and were 1.7% below the January 2023 sales rate.
The second graph shows nationwide inventory for existing homes.
According to the NAR, inventory increased to 1.01 million in January from 0.99 million the previous month.
According to the NAR, inventory increased to 1.01 million in January from 0.99 million the previous month.Headline inventory is not seasonally adjusted, and inventory usually decreases to the seasonal lows in December and January, and peaks in mid-to-late summer.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was up 3.1% year-over-year (blue) in January compared to January 2023.
Months of supply (red) decreased to 3.0 months in January from 3.1 months the previous month.
This was above the consensus forecast. I'll have more later.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was up 3.1% year-over-year (blue) in January compared to January 2023. Months of supply (red) decreased to 3.0 months in January from 3.1 months the previous month.
This was above the consensus forecast. I'll have more later.
