On Friday, the National Association of Realtors (NAR) will release its monthly data on existing home sales for January 2019. The report includes existing home sales of single-family homes, townhomes, condominiums, and co-ops and is based on transaction closings from multiple listing services. According to NAR, this report differs from the U.S. Census Bureau's series on new single-family home sales which are based on contracts or the acceptance of a deposit.
In its previous report, NAR revealed a slight drop in existing-home sales for the third consecutive month in January. Of the four major U.S. regions, only the Northeast saw an uptick in sales activity. The median existing-home price for all housing types in January was $247,500, up 2.8 percent from January 2018 ($240,800). January’s price increase marks the 83rd straight month of year-over-year gains, the report found.
Commenting on the report, Lawrence Yun, Chief Economist at NAR said,“Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low. Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”
Here's what else is happening in the week ahead:
- NAHB/Wells Fargo Housing Market Index, Monday 10 a.m. EDT
- MBA Mortgage Applications, Wednesday, 7 a.m. EDT
- Fed Chair Press Conference, Wednesday, 2:30 p.m. EDT
- Fed Balance Sheet, Thursday, 4:30 p.m. EDT
- MReport Webinar: "Diversity: Why Is it Good for Business?"