The National Association of Realtors’ (NAR) existing-home sales data showed that January’s sales were 0.4% greater than the previous month and 11% higher than the same time last year. Although NAR’s Chief Economist, Lawrence Yun, felt that January’s existing-home sales started the year strongly, he stated, “The housing market has shown promising resilience in recent months, but home prices are still rising too fast because of ongoing supply constraints.”
Indeed, the median existing-home price jumped to $213,000, representing an 8.2% increase on a year-over-year basis. Meanwhile, the national housing inventory grew by 3.4% from December, but fell by 2.2% compared to January 2014. Nevertheless, Yun expressed optimism that the housing market was still showing signs of recovery despite a slowing global economy and said it could potentially “help the U.S. economy avoid a recession.”
While most regions showed increases in existing-home sales, sales in the West region dipped by 4.1% from December but were 8.3% higher than in January 2014. Read more at http://bit.ly/1Um5xxw.