Demand in the resale market continues to decline despite initial signs of recovery. Sales of existing homes in January dropped by 4.9% from December to an annual rate of 4.08 million, according to the National Association of Realtors. This rate is only 2.0% higher than the abysmally low levels a year ago and flat compared to two years ago. Compared to January 2021, sales were down by 36%, and compared to January 2019, they were down by 25%. Actual sales in January were 240,000, up by 2.6% from a year ago but down by 31% from January 2022. The supply of unsold existing homes increased to 3.5 months, the highest since January 2019. Active listings rose to 829,400, the highest for any January since 2020, while actual sales plunged by 31% from January 2022. The median number of days on the market increased to 73 days, the highest for any January since 2020. The national median price for single-family houses declined to $402,000 in January, with a year-over-year increase trimmed to +5.0%. Condo and co-op prices dropped by 2.9% in January from December, marking the biggest December-January drop since 2015. — news from WOLF STREET
