Important Takeaways:

• The U.S. housing market continues to weaken, as potential buyers face stubbornly high mortgage rates, elevated prices and limited supply of listings.
• Sales of previously owned homes fell 4.9% in January from the prior month to 4.08 million units on a seasonally adjusted, annualized basis, according to the National Association of Realtors. Analysts were expecting a 2.6% decline.
• There were 1.18 million homes for sale at the end of January, an increase of 3.5% from December and 17% from January 2024
• The average home for sale last month spent 41 days on the market. That is the longest since January 2020, pre-Covid.
• Tight supply continues to pressure prices. The median price of a home sold in January was $396,900, up 4.8% from the year before and the highest price ever for the month of January.
• Realtors are reporting that buyer traffic in January was weak.
• “Realtors are putting more signs up, but the buyers are not coming,” said Yun.

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