Key Points:
- Existing-home sales fell 4.9% in January from December to a seasonally adjusted annual rate of 4.08 million.
- Sales accelerated 2.0% from one year ago, the fourth consecutive month of year-over-year increase.
- The median existing-home sales price rose 4.8% from January 2024 to $396,900, the 19th consecutive month of year-over-year price increases.
- First-time buyers were responsible for 28% of sales in January, down from 31% in December and identical to January 2024.
- “Mortgage rates have refused to budge for several months despite multiple rounds of short-term interest rate cuts by the Federal Reserve,” said NAR Chief Economist Lawrence Yun. “When combined with elevated home prices, housing affordability remains a major challenge.”
- The Right Facts will continue to monitor home sales.