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Existing Home Sales – January 2016

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, inched 0.4 percent to a seasonally adjusted annual rate of 5.47 million in January from a downwardly revised 5.45 million in December. Sales are now 11.0 percent higher than a year ago – the largest year-over-year gain since July 2013 (16.3 percent).

Price data are soft which points to discounting. The median price fell 4.2 percent to $213,800 with the year-on-year rate at plus 8.2 percent.

But supply, which has been very low and holding back sales, is coming into the market, up 3.4 percent in the month to 1.82 million. Supply relative to sales moved slightly higher, to 4.0 months which, however, is well below 4.5 months in January last year.

By |2016-02-23T15:10:23+00:00February 23rd, 2016|Categories: Leading|Tags: |0 Comments

About the Author:

Bryan Sanford is Vice President and Investment Officer of Charter Trust Company. He joined the firm in 2009 and is based in our Concord NH office. Mr. Sanford received his Bachelors of Science degree from the University of New Hampshire, Durham. Mr. Sanford has held the FINRA Series 7 license. Prior to joining Charter Trust, Mr. Sanford served in the United States Marine Corps as an infantryman. He participated in Operation Iraqi Freedom, touring in Fallujah, Iraq.

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