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Existing Home Sales, Prices hit Multi-Month Highs

Tuesday, February 23, 2016

Existing home sales and home prices both increased in January, the latter again driven by a tight supply of available houses in many markets.  The National Association of Realtors® said home sales were are the fastest pace in six months and prices increased more rapidly than at any time since the last spring market.

Sales of existing single-family homes, townhouses, condominiums, and cooperative apartments were at a seasonally adjusted annual rate of 5.47 million in January.  This was an increase of 0.4 percent from a downwardly revised pace of 5.45 million (from 5.46 million) in December.  Transactions were up in all regions except the West.  Sales were 11.0 percent higher than in January 2015, the largest monthly gain since the 16.3 percent increase posted in July 2013.

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