(HAR Report): It took less time to sell a home than it did a year ago. Days on Market (DOM) fell from 69 to 48. With fewer new listings entering the market, inventory registered a record low 1.8-months supply compared to 3.3 months a year earlier. It is also just slightly below the current national inventory level of 1.9 months recently reported by NAR.
Broken out by housing segment, January sales performed as follows:
$1 - $99,999: decreased 32.4 percent
$100,000 - $149,999: decreased 23.2 percent
$150,000 - $249,999: increased 11.3 percent
$250,000 - $499,999: increased 61.9 percent
$500,000 - $749,999: increased 70.4 percent
$750,000 and above: increased 73.9 percent
HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 4,951 in January, up 32.2 percent compared to the same month last year. The average sales price jumped 15.2 percent to $321,430 while the median sales price climbed 15.9 percent to $255,000.