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NAR: Northeast sees bump in existing-home sales in January

by Alonzo Turner

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The Northeast saw a jump in existing-home sales in January, according to the National Association of Realtors. And so did most everywhere else.

“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home,” said Lawrence Yun, NAR chief economist. “Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate and deteriorating affordability conditions.”

Across the Northeast region, sales rose 5.3 percent from the same time last year. The West region recorded the largest sales jump at 6.6 percent; the South clocked its gain at 3.6 percent; and nationwide, sales hit a 10-year high in January after increasing 3.3 percent. The only place that didn’t see an increase was the Midwest, where sales fell 1.5 percent.

Median price was also jumped in the Northeast in January, rising to 2.5 percent to $253,800 Jan. 2015 to Jan. 2016. The market’s performance marks a trend happening in many parts of the country, and one expected to strengthen as we head into the spring selling months, according to Yun.

He said: “Competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower- and mid-market price range.”

And Yun is especially right as it concerns Boston, as inventory in the city is dangerously low and falling.

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