RE/MAX National Housing Report Says Severe Storms Impact Home Sales, Prices Rise

REMAXHousingReport2013 The January RE/MAX National Housing Report found a 26.9% monthly decrease in home sales, and a 7.1% decrease from January 2013. This makes January the second time in the last 31 months that there has been year-to-year sales decline. Although December and January regularly record the lowest home sales of the year, widespread winter storms during these two months caused numerous delayed or canceled closings. Of all 52 metro areas surveyed in January, 39 saw year-to-year sales decrease. Despite the weather difficulties 13 metros did experience sales higher than last year. As the result of unusually strong winter storms, January home sales fell lower while prices continued a trend of double digit increases. The RE/MAX National Housing Report, a survey of MLS data in 52 metropolitan areas, found the January median home price of $173,475 was 11.6% higher than the price in January 2013. Winter storms that impacted many regions of the country caused numerous delays or cancellations of closings, bringing home sales 7.1% lower than one year ago. Still, driven by a limited inventory, home prices rose 11.6% higher on a year-to-year basis. With the rate of sales in January, the Months Supply of inventory fell to 5.3 months. On a yearly basis, the January inventory marked the 10th consecutive month with fewer losses than the previous month.