The numbers: U.S. present residence gross sales inched up 0.6% to a seasonally-adjusted annual price of 6.69 million, the Nationwide Affiliation of Realtors mentioned Friday. In contrast with a yr in the past, residence gross sales had been up 23.7%.
Economists polled by The Wall Avenue Journal had forecast that present residence gross sales would fall to a median price of 6.66 million.
What occurred: The median existing-home value rose to $303,900 in January, up 14.1% from a yr in the past.
The stock of houses on the market fell to a document low 1.04 million models by the top of January. That’s a 25.7% decline year-over-year. The market had a 1.9-month provide of houses for gross sales. A 6-month provide is taken into account an indication of a balanced market.
The South and the Midwest confirmed a rise in gross sales in January.
Massive image: Gross sales have been