January existing-home sales show fastest seasonally adjusted annual sales growth in almost 10 years. According to the National Association of Realtors (NAR), existing-home sales increased 3.3 percentage points to a seasonally adjusted annual rate (SAAR) of 5.69 million — up from an upwardly revised 5.51 million in December. This sales pace is 3.8 percentage points above January 2015 and is the fastest SAAR sales pace in nearly a decade.
The median existing-home price for all housing types in January rose 7.1 percentage points to $228,900, which marks the 59th consecutive month of year-over-year gains. Total housing inventory experienced a boost as well, with a 2.4 percentage point jump to 1.69 million homes for sale — a much-needed jump from the rock bottom levels seen in December 2016. Despite the strong numbers, inventory is still 7.1 percentage points below January 2016 and is the 20th consecutive month of year-over-year declines. Unsold inventory is at an unchanged 3.6-month supply.
Distressed sales, which include foreclosures and short sales, were at 7 percent — unchanged from December and a 9 percentage point drop from January 2016. Five percent of January sales were foreclosures, and 2 percent were short sales.
Single-family home sales were at a SAAR of 5.04 million — a 2.6 percentage point month-over-month increase and a 3.7 percentage point year-over-year increase. The sales price for single-family homes increased by 7.3 percentage points to $230,400.
Existing condominium and co-op sales rose 8.3 percentage points to a SAAR of 650,000 units, 4.8 percentage points higher than a year ago. The median existing condo price was $217,400 in January — up 6.2 percentage points from 2016.
Buying Patterns Across the Country:
The Northeast, South and West experienced strong growth, while the Midwest took a small hit.
- In the Northeast, existing-home sales jumped 5.3 percent to an annual rate of 800,000, up 6.7 percent from a year ago.
Median price: $253,800, a 2.5 percent year-over-year decrease.
- In the Midwest, existing-home sales decreased 1.5 percent to an annual rate of 1.29 million.
Median price: $174,900, a 6.5 percent year-over-year increase.
- In the South, existing-home sales rose 3.6 percent to an annual rate of 2.31 million. Median price: $201,400, a 9.2 percent year-over-year increase.
- In the West, existing-home sales ascended 6.6 percent to an annual rate of 1.29 million. Median price: $332,300, an 6.8 percent year-over-year increase.
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The Snowshoe Hike at the Martin Van Buren National Historic Site that was originally planned for January, was postponed to this Saturday (February 25). With the abnormally warm temperatures (66 in February) that we have been having, there may not be enough snow on the ground for the hike. Fortunately, the organizers already have a Plan B in place. If there is not enough snow on the ground, the program will be a letterbox challenge designed by last summer’s high school interns. Participants will be given instructions to find letters scattered throughout the park, and solve clues to locate the cache.
I’ll be in NYC for a few days attending the 114th annual Toy Fair at the Jacob Javits Convention Center. The American International Toy Fair is a toy industry trade show held in mid-February in New York City. The event is open to toy industry professionals, retailers, and press representatives. It is owned and managed by the Toy Industry Association. Toy Fair’s promoters describe it as the largest toy trade show in the Western hemisphere.
Columbia County Current 