Home Sales and Prices Hit January Records As Buyers Rush to Beat Rising Rates
• Home sales rose 3.1% in January from December to a seasonally adjusted annual rate of 4 million units, beating expectations
• Median home prices reached a January record high of $379,100, rising 5.1% from a year ago
• Mortgage rates dropped in December and January which encouraged buyers, but rates have started climbing again which may dampen demand
• Inventory remains low at 1.01 million units, up just 2% from December, making it a competitive market especially for first-time buyers
• Cash buyers made up 32% of sales, the highest share in 10 years, giving them an advantage over buyers needing mortgages