After a downward revision during December, national home sales posted a 0.4 percent increase during January for annualized rate of 4.92 million deals, according to data released Thursday morning by the National Association of Realtors. The report, which takes into account the seasonality of the market, said that the median price of those sales was up 12.3 percent to $173,600.
Economists were generally pleased. Here's what the experts from Wells Fargo Securities had to say this morning: "With a favorable outcome in looming fiscal issues, we continue to expect increased sales activity this year. indeed, this spring home buying season could surprise to the upside."
The trends were similar locally, but the gains were much stronger. Earlier this month we reported that the number of home sales during January increased 11 percent while the median price rose 14 percent to $160,000, according to a monthly report from the Minneapolis Area Association of Realtors.
In the Twin Cities and beyond prices are getting an unseasonable in some submarkets because inventory is tight. Locally, there was a 2.9-month supply of listings compared with 4.2-month supply nationally.
Stay tuned for the February report, which we'll tell you about on March 12.