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.
