Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, inched 0.4 percent to a seasonally adjusted annual rate of 5.47 million in January from a downwardly revised 5.45 million in December. Sales are now 11.0 percent higher than a year ago – the largest year-over-year gain since July 2013 (16.3 percent).
Price data are soft which points to discounting. The median price fell 4.2 percent to $213,800 with the year-on-year rate at plus 8.2 percent.
But supply, which has been very low and holding back sales, is coming into the market, up 3.4 percent in the month to 1.82 million. Supply relative to sales moved slightly higher, to 4.0 months which, however, is well below 4.5 months in January last year.