# OF HOMES SOLD
Sales in January were at the lowest level in the last 5 years. The number of homes sold was down 35% compared to the same month last year. January typically has the fewest homes sold. So we expect to see a rebound as we enter spring and homebuyers who started shopping again after Thanksgiving and Christmas start to close on their new homes. However, we will still see the market constrained by the lack of inventory available for sale.
I discussed the current state of inventory in the 2022 review in last month’s issue, so I will not re-hash those points, but the inventory continued to slide lower through the month of January. There are currently about 1,750 homes for sale in the 5- county region. Hopefully, this will bottom out in February and then we will start to see supply increase again ahead of the spring market cycle. With some stability in interest rates and continued demand for homebuying, it is still a good to time to sell.
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