Existing Home Sales: Update 2/22




Existing Home Sales, which measures closings on existing homes, were up 0.6% in January, which was stronger than the slight drop expected. Sales are up 24% year over year. There were only 1.04M homes for sale, down from 1.07M homes in November. Inventory is down 26% year over year at a record low. There is only a 1.9-month supply, which is also a record low. Homes were only on the market for 21 days on average. The Median home price was  $303,900, up 14% year over year. Sales on the low end were down 15%, while homes above $1M were up 77%. This drags the median home price higher.