Colorado Springs was one of the nation’s hottest metro areas in January, according to Realtor.com’s Market Hotness Index, which measures time-on-the-market data and listing views per property.
Midland, Texas; Chico, Calif.; San Francisco-Oakland-Hayward, Calif.; and Fort Wayne, Ind. were also in the top five, according to a news release issued today by the National Association of Realtors.
NAR also announced existing-home sales experienced a minor drop for the third consecutive month in January. Of the four major U.S. regions, only the Northeast saw an uptick in sales activity last month.
Total existing-home sales — completed transactions that include single-family homes, townhomes, condominiums and co-ops — decreased 1.2 percent from December to a seasonally adjusted annual rate of 4.94 million in January. Sales are now down 8.5 percent from a year ago (5.40 million in January 2018).
Last month’s home sales of 4.94 million were the lowest since November 2015, Lawrence Yun, NAR’s chief economist, said in the release, adding he does not expect the numbers to decline further.
“Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low,” he said. “Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”
The median existing-home price for all housing types in January was $247,500, up 2.8 percent from January 2018 ($240,800). January’s price increase marks the 83rd straight month of year-over-year gains.
Yun notes that this median home price growth is the slowest since February 2012, and is cautions that the figures do not yet tell the full story for the month of January. “Lower mortgage rates from December 2018 had little impact on January sales; however, the lower rates will inevitably lead to more home sales.”
Total housing inventory at the end of January increased to 1.59 million, up from 1.53 million existing homes available for sale in December, and represents an increase from 1.52 million a year ago, according to the release. Unsold inventory is at a 3.9-month supply at the current sales pace, up from 3.7 months in December and from 3.4 months in January 2018.
Properties remained on the market for an average of 49 days in January, up from 46 days in December and 42 days a year ago, according to the NAR. Thirty-eight percent of homes sold in January were on the market for less than a month.