Sales of previously owned homes dropped 4.9% to a seasonally adjusted annual rate of 4.82 million in January, the lowest sales volume since April. The median price of a house in January increased 6.2% to $199,600 year over year, according to the NAR. Inventory is to blame.
Low inventory is measured by the number of houses available for sale. Total housing inventory at the end of January increased 0.5% to 1.87 million, but that is still 0.5% lower than a year ago, when it was 1.88 million, according to NAR. Please feel free to comment on our BLOG!!!!!
Larry Porter, Associate Broker, CRS, GRI, e-Pro, Military Relocation Professional, USN Retired
Lori Porter, ABR, GRI, MRP, HRRA Circle of Excellence Gold Award, HRRA Longevity Award
Office 757-479-3424 Cellular 757-291-3424
The Real Estate Group, LLC
1112-F Eden Way N
Chesapeake, VA 23320