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Home Prices

The median home price reported by the National Association of Realtors declined 4.1% in January to $199,600. Prices, however, remain 6.2% higher than the same month of the previous year. The recent uptick in year-over-year price growth is probably due to low inventory levels in recent months.

Home Sales

The seasonally adjusted annualized rate of home sales declined from December to January to a pace of 4.82 million homes, a 4.9% decline. Homes sales were 4.3% higher than the same month of the previous year, with January making four months in a row of year-over-year growth.

Inventory - Month's Supply

The number of homes available decreased 1% compared to the same month of the previous year, with 1.87 million homes available for sale in January. This translated to 4.7 months of supply. Inventory will likely remain low during the cooler months of the year and then loosen as the weather warms.