US existing home sales rise 3.1% in January

22nd Feb 2024 13:23

(Sharecast News) - US existing home sales rose 3.1% month-on-month in January, according to the National Association of Realtors.

Existing home sales improved to a seasonally adjusted annualised clip of 4.0m, the highest level seen in five months and just ahead of expectations for a reading of 3.97m.

Listings were modestly higher, while home buyers took advantage of lower mortgage rates compared to late in 2023.

Sales accelerated in the Midwest, South, and West, and held steady in the Northeast.

The median existing-home price for all housing types was $379,100, an all-time high for January.

Reporting by Iain Gilbert at Sharecast.com