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Existing-home sales in the South dropped 1.0% to an annual rate of 2.08 million in January, down 8.4% from last year. The median price in the South was $214,800, up 2.5% from a year ago. Existing-home sales in the West declined 2.9% to an annual rate of 1 million in January, 13.8% below a year ago.

Existing Home Sales Unexpectedly Drop In February existing home sales fell 10 percent last month, according to a report from the National Association of REALTORS. On an annual basis, 4.88 million homes were sold in February — the first time annualized home resales dropped below 5,000,000 since November 2010.

Home sales dipped last month, surprising economists. Data released on Tuesday by the National Association of Realtors showed that existing home sales were down 1% in December, hitting a seasonally.

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In January 2008, there were 3.54 million homes for sale. Existing home sales unexpectedly rose in December as rock-bottom prices attracted some buyers in certain distressed markets.

Median sales price increased 5.8% y/y to $240,500 Inventory of available properties fell 9.5% y/y to 1.52m, lowest for January since records began in 1999. Sales growth is limited by an acute shortage of inventory, which is pushing up home prices faster than wage growth.

Homes typically sold in 42 days, down from 50 days a year earlier 43 percent of homes sold in January were on market for less than a month. Existing home sales account for 90% of the market and are calculated when a contract closes.

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The estimate of new houses for sale at the end of January was 301,000, representing 6.1 months of supply at the current sales rate. Last Wednesday, the National Association of Realtors released a separate report unexpectedly showing a significant decrease in existing home sales in January.

Sales of previously owned homes in the U.S. unexpectedly rose in October. The median forecast of 75 economists surveyed by Bloomberg News was for a 4.8 million rate. The median house price dropped.

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At the current pace, it would take 3.4 months to sell the homes on the market, compared with 3.2 months in December and 3.6 months in January 2017. The Realtors group considers a normal market at six to seven months’ supply. single-family home sales fell 3.8% to an annual rate of 4.76 million, the lowest since July 2016.