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Existing-Home Sales Fall for 12th Straight Month, Prices Increase in 3 of 4 US Regions


Nationally, existing-home sales fell for the 12th straight month in January, according to the National Association of Realtors®.[0] Mixed results were seen when comparing month-over-month sales among the four major U.S. regions, with the South and West showing growth, and the East and Midwest experiencing decreases.[1] Year-over-year, all regions showed decreases.[1] Sales of new homes were up 7.2% in January from December, but fell 19.4% from a year ago, according to a joint report from the US Department of Housing and Urban Development and the US Census Bureau.[2]

The median existing-home price for all housing types in January was $359,000, an increase of 1.3% from January 2022 ($354,300), as prices climbed in three out of four U.S. regions while falling in the West. A record-breaking streak of 131 months of year-over-year increases has been achieved.[1] In January, properties stayed on the market an average of 33 days, an increase from 26 days in December and 19 days in January of the previous year.[3] In January, 54% of homes sold had been on the market for less than a month.[3]

The typical home stayed on the market for 51 days—the highest level since February 2020.[4] January 2022 saw a rise to 27 days from the previous month.[5] The duration of time homes are on the market has increased due to a decrease in prospective buyers vying for them.[5] In January, 42.1% of home offers written by Redfin agents encountered a bidding war, which was the lowest rate since April 2020.[5] The figure has decreased from 43.1% in the preceding month and 68% in the same month of[5] Austin and Tampa, two “pandemic boom towns”, experienced some of the biggest drops in competition due to the fact that a number of potential homebuyers have been unable to afford the prices.[5]

With mortgage rates easing off their highs of the past year at the start of 2023, some buyers have returned to the market, but home prices remain high.[6] Last month, the median sales price of homes sold across the state was $325,000, representing an 11.2% jump compared to the January 2022 figure, yet a drop from the $330,000 median of December. Applications for home-buying dropped to the most reduced rate since 1995 last week, due to mortgage rates rising in anticipation of the Federal Reserve having to raise interest rates as a means of controlling inflation.[5] The 30-year-fixed mortgage rate has increased to an average of 6.5%, up from 6.[7]

0. “Houses are staying on the market longer as home sales cool”, 25 Feb. 2023,

1. “Existing-Home Sales Descended 0.7% in January” National Association of Realtors, 21 Feb. 2023,

2. “US: New Home Sales rise by 7.2% in January vs 2.5% expected” FXStreet, 24 Feb. 2023,

3. “US Sales of Previously Owned Homes Decline for a 12th Month” BNN Bloomberg, 21 Feb. 2023,

4. “Homes in the U.S. Are Taking Longer to Sell Now Than at Any Point During the Peak of the Pandemic” Mansion Global, 24 Feb. 2023,

5. “High Housing Costs, Low Supply Hamper Market Recovery In January” Forbes, 25 Feb. 2023,

6. “New home sales rise as prices drop in January” CNN, 24 Feb. 2023,

7. “Home sales sink for a TWELFTH straight month as mortgage rates remain stubbornly high” Daily Mail, 22 Feb. 2023,

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