Joshua Cederlof

NMLS # 309804

801-272-0600

joshua@advancedfunding.com

Joshua Cederlof Mortgage Loan Advisor

Existing Home Sales and Inventories Rise

Existing Home Sales and Inventories Rise

The latest reading on Existing Home Sales for January showed that sales rose 3.1% from December to an annual rate of 4.00 million units, a five-month high. A standout component was that inventories of homes for sale on the market rose 2% to 1.01 million units from the previous month to a three-month supply and up 3.1% from the January 2023 number of 980,000. A six-month supply is seen as healthy. 

The takeaway ... With the spring buying season underway and with borrowing costs not expected to spike or decline in a big way, potential buyers are being encouraged to get out there early if they're in the hunt for a home purchase.