Core Report | February 23, 2024

After a soft ending to 2023, existing home sales started off 2024 on a stronger note. January existing home sales came in at a 4.00 million unit rate, up 3.1% from December but were still 1.7% below the 4.07million unit rate from January 2023. January marked the 29th consecutive month in which sales were down on a y/y basis. The amount of existing homes for sale at the end of the month totaled 1.01 million units, up 2.0% form December and up 3.1% from January 2023. The current inventory, when combined with January’s sales pace, equates to 3.0 months of supply.This is down form 3.1 months in December and below the 2023 average of 3.2 months. The median sales price of $379,100 was 0.6% below December but up 5.1% from January 2023.