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Existing Home Sales in January Jump to Fastest Pace in a Decade
Existing homes sold at an annualized pace of 5.69 million in January, up from 5.51 million in December and up from 3.8 percent from a year ago to the fastest pace since February 2007, according to the National Association of Realtors. The increase occurred despite a recent rise in interest rates. According to the Freddie Mac Primary Market Mortgage Survey, the average interest rate for a 30-year fixed rate mortgage stood at 4.16 percent for the week ending Feb. 23, 2017, up from 3.62 percent a year ago in the week ending Feb. 25, 2016. “Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home,” said Lawrence Yun, NAR chief economist, in a statement released with the numbers. “Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate and deteriorating affordability conditions.” The report also shows median existing home prices continuing to increase at a strong pace, up 7.1 percent from a year ago to $228,900. January 2017 marked the 59th consecutive month where median home prices have increased on a year-over-year basis, according to NAR. The strong pace of sales cut into already low inventory levels of homes for sale, which dropped to 1.69 million, down 7.1 percent from a year ago and represents a 3.6-month supply.
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AR DANIEL NELSON RE LIC PB00069547. WILLIAMS & WILLIAMS RE LIC 00069547. IL DANIEL S. NELSON, MANAGING BROKER RE LIC 471.016793. NC DEAN C. WILLIAMS RE LIC 220266. WILLIAMS & WILLIAMS RE LIC C6474. NH DANIEL S. NELSON RE LIC 069087. 800.801.8003 • williams auction .com/HUD
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