January’s sales cratered by nearly 37% from a year earlier and slipped 0.7% from December.
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The median US home price edged up 1.3% from January last year to $359,000. That’s the slowest annual increase in home prices since February 2012. The median home price is down around 13% since it peaked in June last year.housing market downturn“We have to wait until things develop, but perhaps home sales are bottoming out right now,” he said.
Still, some market trends have begun shifting in buyers’ favor. The number of homes for sale remains tight by historical standards, but increased 2.1% in January from the previous month to 980,000 properties, snapping a five-month skid, and was up 15.3% from January last year, the NAR said. Overall, the market remains competitive, though not as frenzied as it was a year ago, when multiple offers and buyers paying well above asking prices were more common.
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