Existing-home sales for January were released earlier this morning. The headline figure revealed that January sales declined 4.9% to their lowest pace in nine months. All major regions experienced declines in January, with the Northeast and West seeing the largest.
NAR Chief Economist Lawrence Yun says the housing market got off to a somewhat disappointing start with closings down throughout the country.
What else did today’s report reveal? Below are some key figures:
- The median price in January was $199,600 – up 6.2% from January 2014
- Inventory was up 0.5% in January; down 0.5% from a year ago
- 1st-time buyers were 28% in January, down from 29% in December; 26% in January 2014
- All-cash sales were 27% of sales in January, up from 26% in December; 33% in January 2014
- Sales to investors were 17% in January, unchanged from last month; 20% in January 2014
- Distressed sales were 11% of sales in January, unchanged from last month; 15% in January 2014