Existing Home Sales Rise for 2nd Month
Sales of previously owned houses in the US were up 0.6% from the previous month to 6.69 million units in January of 2021, beating market forecasts of 6.61 million continued to be supported by historically low mortgage rates and demand for bigger space. Year-on-year, sales jumped 23.7 percent, 107 straight months of gains. The median existing-home price was $303,900, up 14.1 percent from January 2020, as prices increased in every region. There were 1.04 million homes for sale at the end of January, a 26 percent drop from a year ago. At the current sales pace, there is now a 1.9-month supply, the lowest on record. “Home sales are continuing to play a part in propping up the economy. With additional stimulus likely to pass and several vaccines now available, the housing outlook looks solid for this year”, said Lawrence Yun, chief economist for the NAR.
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