Posted 2/22/2024, 4:32:37 PM
Home Sales and Prices Pick Up in January but Inventory Still Lagging
- Home sales rose 3.1% in January compared to December to reach a 5-month high, while prices jumped 5.1%
- Sales remain below 2022 levels, but January's gain marks the start of more supply and demand in the market
- The median home price hit a record high for January as buyers compete for limited inventory
- All-cash purchases made up 32% of sales, the highest share in 10 years, squeezing out first-time buyers
- Available inventory rose slightly but remains far below historical levels, amounting to a 3-month supply at the current sales pace