January, according to the National Association of REALTORS® (NAR). With the exception of the Midwest, every region saw gains, with total sales reaching 5.69 million—the fastest pace since February 2007.
“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home,” says Lawrence Yun, NAR chief economist. “Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate and deteriorating affordability conditions.”
The median existing-home price also rose again in January, up 7.1 percent to $228,900 from $213,700 one year prior, according to the report. The median existing condominium and single-family home prices grew, as well: 6.2 percent to $217,400 and 7.3 percent to $230,400, respectively.