Home prices climbed in January as inventory fell to a new record low.
The median price for a home last month was $350,300, up 15.4% from a year ago, according to the National Association of Realtors. It was not the highest median price on record, which was $362,800 last June, but it is the highest for the month of January, which tends to be a sleepier time for home sales.
Sales of existing homes — which include single-family homes, townhomes, condominiums, and co-ops — surged 6.7% from December, but were down 2.3% from a year ago, largely because there were so few homes to buy.
At the end of January, the inventory of homes available to buy fell to an all-time low of 860,000, down 16.5% from last year. That’s the lowest since NAR began tracking it in 1999. At the current monthly sales pace, supply would last just 1.6 months, which is also a record low.
Advertise with McKoy’s News!
🚀 Boost Your Business with McKoy’s News! 🚀
Let us help you grow your brand with our comprehensive advertising solutions:
Create Your Own Business Page:
Showcase your business with a personalized page on McKoy’s News. Highlight your products or services with multiple photos, contact information, and detailed descriptions.
Engaging Banner Ads:
Capture attention with visually stunning banner ads that promote your brand across our website, reaching a large audience with every click.
Dynamic Video Ads:
Tell your story with impactful video advertisements, designed to engage viewers and drive traffic to your business.
Feature Articles:
Gain credibility and visibility with feature articles on McKoy’s News. Share your success stories, latest offerings, and expert insights with our readers.
Ready to Elevate Your Business?
Contact us today and let McKoy’s News be your partner in success.