Home prices climbed in January as inventory fell to a new record low.
Highlights
- The median price for a home last month was $350,300, up 15.4% from a year ago.
- Sales of existing homes surged 6.7% from December.
- At the end of January, the inventory of homes available to buy fell to an all-time low of 860,000, down 16.5% from last year.
- That’s the lowest since the National Association of Realtors began tracking it in 1999.
- At current monthly sales pace, supply would last just 1.6 months, which is also a record low, NAR’s Lawrence Yun says.
- It was not the highest median price on record, but it is the highest for the month of January.