{"id":1458761,"date":"2024-02-22T15:24:12","date_gmt":"2024-02-22T20:24:12","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1458761"},"modified":"2024-02-22T15:24:12","modified_gmt":"2024-02-22T20:24:12","slug":"us-existing-home-sales-disappoint-as-price-hits-record-high-for-january","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/us-existing-home-sales-disappoint-as-price-hits-record-high-for-january\/1458761\/","title":{"rendered":"US Existing Home Sales Disappoint As Price Hits Record High For January"},"content":{"rendered":"

US Existing Home Sales Disappoint As Price Hits Record High For January<\/span><\/p>\n

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US existing home sales disappointed in January jumping 3.1% MoM (vs +4.9% MoM exp). Quite a different picture from the non-seasonally-adjusted rise of just 0.3%…<\/p>\n

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Source: Bloomberg<\/em><\/p>\n

This January rise dragged the YoY decline up to just -1.7%…<\/p>\n

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Source: Bloomberg<\/em><\/p>\n

\u201cWhile home sales remain sizably lower than a couple of years ago, January\u2019s monthly gain is the start of more supply and demand,\u201d said NAR Chief Economist\u00a0Lawrence Yun.<\/p>\n

The median home price reached an all-time high for the month of January…<\/strong><\/p>\n

<\/a><\/p>\n

“Multiple offers are common on mid-priced homes, and many homes were still sold within a month. The elevated share of cash deals \u2013 32% \u2013 indicated a market full of multiple offers and propelled by record-high housing wealth,” said NAR Chief Economist\u00a0Lawrence Yun.<\/em><\/p>\n

Additionally, properties typically remained on the market for 37 days in January, up from 29 days in December and 33 days in January 2023<\/strong>.<\/p>\n

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So who’s buying homes?<\/strong><\/p>\n

Well, you know the answer to that – even more institutional buyers as first-time homebuyers priced out<\/strong><\/p>\n

First-time buyers were responsible for 28% of sales in January, down from 29% in December and 31% in January 2023.<\/p>\n

All-cash sales accounted for 32% of transactions in January, up from 29% in both December and one year ago.<\/p>\n

\u00a0<\/span>As a reminder, mortgage rates started off the year below 7% and have risen since…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

So don’t expect this renaissance to continue.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 02\/22\/2024 – 10:24<\/span><\/p>\n

\u200bRead More<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

US Existing Home Sales Disappoint As Price Hits Record High For January US existing home sales disappointed in January jumping 3.1% MoM (vs +4.9% MoM…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1458761","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-67up","jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1458761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1458761"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1458761\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1458761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1458761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1458761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}