Existing-home sales rise 3.1% in January 


The National Association of REALTORS® (NAR) reported a rise of 3.1% in existing-home sales in January. Despite a year-over-year decrease of 1.7%, the median existing-home price for all housing types rose 5.1% to $379,100. The NAR believes the rise in sales is due to more supply and demand, with Chief Economist Lawrence Yun noting a marginal increase in listings and home buyers benefiting from lower mortgage rates. However, CoreLogic Chief Economist Selma Hepp predicts future sales will be affected by the tight housing supply and expectation of lower mortgage rates. In January, single-family home sales rose 3.4% month over month, with the median price increasing by 5% year over year.

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