Wednesday, February 22, 2012

Existing Home Sales Continue to Improve

Existing home sales picked up pace in January, increasing 4.3% from December’s pace to a seasonally adjusted annual rate of 4.57 million units. December’s growth was revised down significantly, from a pace of 4.61 million units to 4.38 million units per year. Despite the revision, January’s pace is the quickest since April 2010.

The quickening pace was seen across regions, with each region reporting month over month acceleration. The West fared the best, with its pace quickening 8.8% over the month. The South and Northeast saw acceleration of 3.5% and 3.4% respectively. The Midwest lagged the rest in January accelerating 1.0% .

Inventories continued to decline in January, falling to 6.1 months supply in the market, down from 6.4 in December. The median home price continue to fall, to $154,700, down from $162,200 the previous month. There was, however, improvement in the change from one year ago, which was -2.0% in January. This is considerably better than the -3.9% reported in December, and the highest reading since December 2010.

Read the report.

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