Having hit a ten-year high in 2016, the pace of existing-home sales in the U.S. ticked up 3.3 percent in January to a seasonally adjusted annual rate of 5.69 million sales, which is 3.8 percent above the pace at the same time last year and the second strongest pace since a rate of 5.79 million sales recorded in February 2007.
The median price for the homes that traded hands in January ($228,900) slipped a percent ($3,300) from December but remains 7.1 percent higher versus the same time last year ($213,700), while the inventory of homes on the market rose 2.4 percent to 1.69 million but remains 7.1 percent lower on a year-over-year basis (as opposed to 24 percent higher in San Francisco).
And in the West, the pace of existing-home sales jumped 6.6 percent in January to an annual rate of 1.29 million sales and is running 8.4 percent higher versus the same time last year.