{"id":1434,"date":"2023-02-25T17:02:40","date_gmt":"2023-02-25T22:02:40","guid":{"rendered":"https:\/\/embarrdowns.com\/existing-home-sales-fall-for-12th-straight-month-prices-increase-in-3-of-4-us-regions\/"},"modified":"2023-02-25T17:02:41","modified_gmt":"2023-02-25T22:02:41","slug":"existing-home-sales-fall-for-12th-straight-month-prices-increase-in-3-of-4-us-regions","status":"publish","type":"post","link":"https:\/\/embarrdowns.com\/existing-home-sales-fall-for-12th-straight-month-prices-increase-in-3-of-4-us-regions\/","title":{"rendered":"Existing-Home Sales Fall for 12th Straight Month, Prices Increase in 3 of 4 US Regions"},"content":{"rendered":"

Nationally, existing-home sales fell for the 12th straight month in January, according to the National Association of Realtors\u00ae.[0]<\/a><\/sup> 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]<\/a><\/sup> Year-over-year, all regions showed decreases.[1]<\/a><\/sup> 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]<\/a><\/sup><\/p>\n

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]<\/a><\/sup> 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]<\/a><\/sup> In January, 54% of homes sold had been on the market for less than a month.[3]<\/a><\/sup><\/p>\n

The typical home stayed on the market for 51 days\u2014the highest level since February 2020.[4]<\/a><\/sup> January 2022 saw a rise to 27 days from the previous month.[5]<\/a><\/sup> The duration of time homes are on the market has increased due to a decrease in prospective buyers vying for them.[5]<\/a><\/sup> In January, 42.1% of home offers written by Redfin agents encountered a bidding war, which was the lowest rate since April 2020.[5]<\/a><\/sup> The figure has decreased from 43.1% in the preceding month and 68% in the same month of[5]<\/a><\/sup> 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]<\/a><\/sup><\/p>\n

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]<\/a><\/sup> 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]<\/a><\/sup> The 30-year-fixed mortgage rate has increased to an average of 6.5%, up from 6.[7]<\/a><\/sup><\/p>\n

0. <\/span>“Houses are staying on the market longer as home sales cool” MLive.com, 25 Feb. 2023, https:\/\/www.mlive.com\/public-interest\/2023\/02\/houses-are-staying-on-the-market-longer-as-home-sales-cool.html<\/a><\/a><\/p>\n

1. <\/span>“Existing-Home Sales Descended 0.7% in January” National Association of Realtors, 21 Feb. 2023, https:\/\/www.nar.realtor\/newsroom\/existing-home-sales-descended-0-7-in-january<\/a><\/a><\/p>\n

2. <\/span>“US: New Home Sales rise by 7.2% in January vs 2.5% expected” FXStreet, 24 Feb. 2023, https:\/\/www.fxstreet.com\/news\/us-new-home-sales-rise-by-72-in-january-vs-25-expected-202302241539<\/a><\/a><\/p>\n

3. <\/span>“US Sales of Previously Owned Homes Decline for a 12th Month” BNN Bloomberg, 21 Feb. 2023, https:\/\/www.bnnbloomberg.ca\/us-sales-of-previously-owned-homes-decline-for-a-12th-month-1.1886371<\/a><\/a><\/p>\n

4. <\/span>“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, https:\/\/www.mansionglobal.com\/articles\/homes-in-the-u-s-are-taking-longer-to-sell-now-than-at-any-point-during-the-peak-of-the-pandemic-cc497fb0<\/a><\/a><\/p>\n

5. <\/span>“High Housing Costs, Low Supply Hamper Market Recovery In January” Forbes, 25 Feb. 2023, https:\/\/www.forbes.com\/sites\/brendarichardson\/2023\/02\/25\/high-housing-costs-low-supply-hamper-market-recovery-in-january<\/a><\/a><\/p>\n

6. <\/span>“New home sales rise as prices drop in January” CNN, 24 Feb. 2023, https:\/\/www.cnn.com\/2023\/02\/24\/homes\/new-home-sales-january\/index.html<\/a><\/a><\/p>\n

7. <\/span>“Home sales sink for a TWELFTH straight month as mortgage rates remain stubbornly high” Daily Mail, 22 Feb. 2023, https:\/\/www.dailymail.co.uk\/news\/article-11777961\/Home-sales-sink-12th-straight-month-mortgage-rates-remain-stubbornly-high.html<\/a><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Nationally, existing-home sales fell for the 12th straight month in January, according to the National Association of Realtors\u00ae.[0]<\/a><\/sup> 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]<\/a><\/sup> Year-over-year, all regions showed decreases.[1]<\/a><\/sup> 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]<\/a><\/sup><\/p>\n

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]<\/a><\/sup> 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]<\/a><\/sup> In January, 54% of homes sold had been on the market for less than a month.[3]<\/a><\/sup><\/p>\n

The typical home stayed on the market for 51 days\u2014the highest level since February 2020.[4]<\/a><\/sup> January 2022 saw a rise to 27 days from the previous month.[5]<\/a><\/sup> The duration of time homes are on the market has increased due to a decrease in prospective buyers vying for them.[5]<\/a><\/sup> In January, 42.1% of home offers written by Redfin agents encountered a bidding war, which was the lowest rate since April 2020.[5]<\/a><\/sup> The figure has decreased from 43.1% in the preceding month and 68% in the same month of[5]<\/a><\/sup> 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]<\/a><\/sup><\/p>\n

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]<\/a><\/sup> 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]<\/a><\/sup> The 30-year-fixed mortgage rate has increased to an average of 6.5%, up from 6.[7]<\/a><\/sup><\/p>\n

0. <\/span>“Houses are staying on the market longer as home sales cool” MLive.com, 25 Feb. 2023, https:\/\/www.mlive.com\/public-interest\/2023\/02\/houses-are-staying-on-the-market-longer-as-home-sales-cool.html<\/a><\/a><\/p>\n

1. <\/span>“Existing-Home Sales Descended 0.7% in January” National Association of Realtors, 21 Feb. 2023, https:\/\/www.nar.realtor\/newsroom\/existing-home-sales-descended-0-7-in-january<\/a><\/a><\/p>\n

2. <\/span>“US: New Home Sales rise by 7.2% in January vs 2.5% expected” FXStreet, 24 Feb. 2023, https:\/\/www.fxstreet.com\/news\/us-new-home-sales-rise-by-72-in-january-vs-25-expected-202302241539<\/a><\/a><\/p>\n

3. <\/span>“US Sales of Previously Owned Homes Decline for a 12th Month” BNN Bloomberg, 21 Feb. 2023, https:\/\/www.bnnbloomberg.ca\/us-sales-of-previously-owned-homes-decline-for-a-12th-month-1.1886371<\/a><\/a><\/p>\n

4. <\/span>“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, https:\/\/www.mansionglobal.com\/articles\/homes-in-the-u-s-are-taking-longer-to-sell-now-than-at-any-point-during-the-peak-of-the-pandemic-cc497fb0<\/a><\/a><\/p>\n

5. <\/span>“High Housing Costs, Low Supply Hamper Market Recovery In January” Forbes, 25 Feb. 2023, https:\/\/www.forbes.com\/sites\/brendarichardson\/2023\/02\/25\/high-housing-costs-low-supply-hamper-market-recovery-in-january<\/a><\/a><\/p>\n

6. <\/span>“New home sales rise as prices drop in January” CNN, 24 Feb. 2023, https:\/\/www.cnn.com\/2023\/02\/24\/homes\/new-home-sales-january\/index.html<\/a><\/a><\/p>\n

7. <\/span>“Home sales sink for a TWELFTH straight month as mortgage rates remain stubbornly high” Daily Mail, 22 Feb. 2023, https:\/\/www.dailymail.co.uk\/news\/article-11777961\/Home-sales-sink-12th-straight-month-mortgage-rates-remain-stubbornly-high.html<\/a><\/a><\/p>\n","protected":false},"author":3,"featured_media":1433,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"_links":{"self":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/1434"}],"collection":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/comments?post=1434"}],"version-history":[{"count":0,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/1434\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media\/1433"}],"wp:attachment":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media?parent=1434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/categories?post=1434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/tags?post=1434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}