Existing-home sales rose 3.3% to a seasonally adjusted annual rate of 5.69 million in January, according to the National Association of Realtors (NAR). The fast start to 2017 saw existing-home sales reach their strongest level since February 2007 (5.79 million).
The total housing inventory rose 2.4% to 1.69 million homes available for sale, while the median existing home price stood at $228,900, a 7.1% increase from January 2016.
Distressed sales remained at 7% of the total in January, which are down from 9% a year ago. Five percent of sales were foreclosures and 2% were short sales. On average, foreclosures and short sales sold for discounts of 14% and 10%, respectively.
Read the NAR release.
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