Economists' Outlook

Housing stats and analysis from NAR's research experts.

January 2024 Existing-Home Sales Rebound to 4 Million

NAR released a summary of existing-home sales data showing that January's housing market activity increased 3.1% from December 2023. January's existing-home sales reached a seasonally adjusted annual rate of 4 million. January's sales of existing homes weakened 1.7% from January 2023.

Line graph: U.S. Existing-Home Sales, January 2023 to January 2024

The national median existing-home price for all housing types reached $379,100 in January, up 5.1% from a year ago.

Bar graph: U.S. and Regional Median Sales Price of Existing Homes, January 2024 and January 2023

In January, all four regions showed price growth from a year ago. The Northeast had the largest gain of 10.1%, followed by the Midwest with an increase of 7.6%. The West increased 6.3% while the South region rose by 4.1%.

January's inventory of unsold listings as of the end of the month was up 2.0% from last month, standing at 1,010,000 homes for sale. Compared with January 2023, inventory levels were up 3.1%. It will take 3 months to move the current level of inventory at the current sales pace, well below the desired pace of 6 months. Inventory conditions continue to be a challenge for potential home buyers.  

It takes approximately 36 days for a home to go from listing to a contract in the current housing market. A year ago, it took 33 days.

Bar graph: Housing Inventory, January 2023 to January 2024

From a year ago, three of four regions had declines in sales in January. The West had the only increase of 2.8%. The Northeast had the biggest dip of 5.9%, followed by the Midwest, which fell by 3.1%. The South had the smallest decrease of 1.6%.   

Compared to December 2023, three of the four regions showed increased sales. The Northeast region was flat. The West had the biggest gain of 4.3%, followed by the South with an increase of 4.0%. The Midwest region had the smallest growth in sales of 2.2%.

The South led all regions in percentage of national sales, accounting for 46% of the total, while the Northeast had the smallest share at 12%.

Bar graph: Regional Existing-Home Sales and Year-Over-Year Percent Change, January 2024 and January 2023

In January, single-family sales increased 3.4%, and condominium sales were flat compared to last month. Single-family home sales were unchanged from a year ago, while condominium sales fell 4.8%. The median sales price of single-family homes rose 5% to $383,500 from January 2023, while the median sales price of condominiums increased 5.7% to $339,400.

Line graph: Year-Over-Year Percent Change in Single-Family and Condominium Existing-Home Sales, January 2021 to January 2024
Line graph: Year-Over-Year Percent Change in Single-Family and Condominium Median Sales Prices, January 2021 to January 2024