As the weather warms and pandemic restrictions ease across much of the country, the U.S. housing market shows little sign of cooling. Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was at this time last year, and sales prices are surging as a result. New Listings increased 8.5 percent for Residential homes and 23.5 percent for Townhouse/Condo homes. Pending Sales increased 11.4 percent for Residential homes and 42.0 percent for Townhouse/Condo homes. Inventory decreased 39.3 percent for Residential homes and 32.9 percent for Townhouse/Condo homes. Median Sales Price increased 20.5 percent to $265,000 for Residential homes and 17.1 percent to $200,000 for Townhouse/Condo homes. Days on Market decreased 39.5 percent for Residential homes and 16.3 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 47.8 percent for Residential homes and 48.1 percent for Townhouse/Condo homes. With such limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers.
January Housing Report
