Sales of existing homes nationally increased 3.3 percent in January to a seasonally adjusted annual rate of 5.69 million, according to a report Feb. 22 from the National Association of Realtors (NAR). That’s the fastest clip since 2007.
The pace was most brisk in the 11 Western states, rising 6.6 percent (the Midwest region was the only one that dipped, by 1.5 percent). Highlights of the U.S. data for January:
- Median home price: $228,900 (up 7.1 percent from a year ago)
- Average days on market: 50 (down from 64 a year ago)
- Total inventory: 3.6 months of supply (unchanged from a year ago)
The median price in the West region was $332,300, 6.8 percent higher than in January 2016.
One of the tightest metro markets was the San Jose-Sunnyvale-Santa Clara region, where homes are on the market 43 days on average. The figure is 100 days or more for New York City, Pittsburg, El Paso, TX and several other cities in the east, south and midwest.
Homes in North Phoenix zip codes were on the market longer than the national average:
85085 days on market: 66
85085 median list prices: $393,900 (no change from a year ago)
85086 days on market: 67
85086 median list prices: $374,900 (5.5 percent higher than a year ago)
(Note that list prices reported locally do not equate to the sales prices quoted nationally.)
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“Competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower- and mid-market price range,” Lawrence Yun, NAR chief economist, said of the national market. “The combination of higher [interest] rates and prices led to households in over half of all states last month being able to afford less of all active inventory on the market based on their income.”
Figures in the report include single-family homes, townhomes, condos and co-ops.
In November, Realtor.com predicted the following top 10 housing markets for 2017 based on price and sales gains:
1. Phoenix-Mesa-Scottsdale, Ariz.
2. Los Angeles-Long Beach-Anaheim, Calif.
3. Boston-Cambridge-Newton, Mass.-N.H.
4. Sacramento-Roseville-Arden-Arcade, Calif.
5. Riverside-San Bernardino-Ontario, Calif.
6. Jacksonville, Fla.
7. Orlando-Kissimmee-Sanford, Fla.
8. Raleigh, N.C.
9. Tucson, Ariz.
10. Portland-Vancouver-Hillsboro, Ore.-Wash.