The housing data in January remained solid, staying closely aligned with
the last two years. Closings were up and still higher than pre-Covid levels.
Pending sales, however, a leading indicator of future closings, finished in the
negative. Several months of declining pending sales could indicate a
further market slow-down but it’s still too early to see that.
Inventory once again is accelerating. January year-over-year Actives were
the most since 2018 and was THREE TIMES higher than the all-time low in 2022.
Days on Market (DOM) is following inventory. The more homes on the market,
the longer it is taking to sell. DOM also was at the highest level since 2018.
Despite higher supply and flat demand, prices still climbed to an all-time January high.
Here are the numbers (vs LY):
Closings: UP 6%
Inventory: UP 36%
Median Sales Price: UP 3%
Pending Sales: DOWN 7%
Days on Market: 36 (vs 23)
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