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What You Need to Know about the January Housing Numbers

The Northeast and Midwest have continued to battle snow and ice, leaving many of us wondering why we live here and not in the tropics of Florida, Hawaii or Southern California. As a New York City resident myself, I can attest that this has been the second-snowiest February in New York history. Alas, #polarvortex and #paxstorm are not so distant memories and winter is still among us for at least a few more weeks. We turned to the National Association of Realtors for its January existing-home sales report to get a pulse on the Northeast and other regions of the country.

The Northeast and Midwest have continued to battle snow and ice, leaving many of us wondering why we live here and not in the tropics of Florida, Hawaii or Southern California. As a New York City resident myself, I can attest that this has been the second-snowiest February in New York history.   Alas, #polarvortex and #paxstorm are not so distant memories and winter is still among us for at least a few more weeks. We turned to the National Association of Realtors for its January existing-home sales report to get a pulse on the Northeast and other regions of the country.

Not surprisingly, there is a correlation between the unusually severe winter weather and home sales. The report showed a 5.1 percent decline from December, with January levels the lowest they’ve been since July 2012.

However, homes have been selling at a slightly faster pace. The median time on market for January was 67 days, compared to 72 in December. In fact, 31 percent of January home sales stayed on the market for less than a month.  Additionally, total housing inventory also rose 2.2 percent, and unsold inventory is up 7.3 percent from a year ago. This is good news for buyers looking to get a head start on spring home buying and selling season.

Whether you are looking at sales or inventory, there is still less competition in the winter housing market, with the exception of those with warmer climates or markets with a strong demand year-round. Check out how the January regional prices stack up to see what a home in each region would generally cost you:

  • South: $161,500
  • West: $273,500
  • Midwest: $140,300
  • Northeast: $241,100

So starting today, we have only 27 more days until spring (but who is counting!) For now, let’s take a look at five listings where you can have a staycation year-round:

  1. Take in the 17 serene lakes at 5111Timber Chase Way in Sarasota, FL
  2. Get lost in the tropical landscaping at 1706 Sunset Dr. in historic Old Clearwater Bay in Clearwater, FL
  3. Catch the sea breeze from the nearby beaches at 87-1972h Pakeke St. in Waianae, HI
  4. Enjoy the lakeside sunset from 16630 Escavera St. tucked away in Lake Elsinore, CA (3-minute drive to the lake!)
  5. Stay warm by living near California’s Glen Ivy hot springs at 23215 Canyon Pines Pl. in Corona, CA

This was a guest post from Daniel Bullock

Header image courtesy of santantoniorealestate365.com

Husband. Father. Socializer. Mets Lifer. TV Afficianado. Consumer Engager.

David Marine is the Vice President of Brand Engagement for Coldwell Banker where he oversees the brand’s content strategy including acting as managing editor for the Coldwell Banker blog and heading up video production efforts. While Vice President by day, David runs a three ring circus at night as he is the father of 4 boys. He also happens to be married to Wonder Woman. True story.

Spring is Here. So What Do You Need to Know About Latest Housing Numbers?
What You Need to Know From the Latest National Housing Report