Existing Home Sales Up in January

The National Association of REALTORS® reports today that nationwide existing-home sales edged up in January, while a seller’s market is developing and home prices continue to rise steadily above year-ago levels. Sales rose in every region but the West, which is the region of the country most constrained by limited inventory.

Nationwide, total existing-home sales are 9.1% above January 2012.

Lawrence Yun, NAR chief economist, said tight inventory is a major factor in the market. “Buyer traffic is continuing to pick up, while seller traffic is holding steady,” he said. “In fact, buyer traffic is 40% above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country.”

The number of homes for sale at the end of January fell 4.9%, representing a 4.2-month supply at the current sales pace, down from 4.5 months in December, and is the lowest housing supply since April 2005.

Listed inventory is 25.3% below a year ago.

For those considering whether now might be a good time to list a home in North Texas, the numbers are even more convincing. Comparing January 2013 to 2012:

* The number of pending home sales is up 15.4%.

* The number of homes sold is up 17.5%.

* The number of homes for sale in North Texas is down 32.3%

* The average time on the market is down 20.8% to 89 days, with many sub-markets experiencing significantly lower days on market.

To learn more about the housing market in your neighborhood and how you can take advantage of the increasingly strong North Texas market, contact an Dave Perry-Miller Associate today at Daveperrymiller.com.

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