From NBC Universal:

Sales of previously owned homes rose 3.1% in January to 4 million units, according to the National Association of Realtors. Inventory of homes for sale increased to 1.01 million units, driving median prices up 5.1% year over year to $379,100 — an all-time high for January. Multiple offers and cash deals are driving the market.

First-time buyers made up just 28% of sales, as lower-priced homes remain in short supply. While lower mortgage rates boosted January sales, higher rates are now impacting the market. New listings rose 10% year over year, but signed contracts were down 7%, signaling a shift in activity.



Read more at NBC Universal: Existing home sales rose 3% in January 2024