The nation’s housing slump deepened in January as home sales fell for the 12th month in a row to the slowest pace in more than a dozen years.
A"For Sale" sign is posted outside a single family home, Tuesday, Feb. 7, 2023, in Derry, N.H. On Tuesday, the National Association of Realtors reports on sales of existing homes in January. – The nation's housing slump dragged on into January as home sales fell for the 12th consecutive month to the slowest pace in more than a dozen years.
The median U.S. home price edged up 1.3% from January last year to $359,000. That’s the slowest annual increase in home prices since February 2012. The median home price is down around 13% since it peaked in June last year. Still, some market trends have begun shifting in buyers' favor. The number of homes for sale remains tight by historical standards, but increased 2.1% in January from the previous month to 980,000 properties, snapping a five-month skid, and was up 15.3% from January last year, the NAR said.
Having more homes to choose from likely helped out first-time homebuyers, which accounted for 31% of January’s home sales, unchanged from the previous month, but up from 27% a year earlier. Existing home sales sank nearly 18% in 2022 as mortgage rates climbed to a two-decade high of 7.08% by the fall.has been hovering above 6% since mid-November, but jumped last week to 6.32%, its highest level in five weeks, according to mortgage buyer Freddie Mac. A year ago it was 3.92%.
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