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Existing home sales climb

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(Read caption) This chart shows the annual number of existing single family home sales over the past five years. Along with the rest of the housing market, existing home sales are recovering slowly.

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Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for January showing an increase in sales with total home sales climbing 5.0% since November and 3.6% above the level seen in December 2010.

Single family home sales increased 3.8% from December and rose 2.3% above the level seen in January 2011 while the median selling price declined 2.6% below the level seen in January 2011.

Inventory of single family homes increased 1.5% from December dropping 18.9% below the level seen in January 2011 which resulted in a monthly supply of 6.1 months.

The following chart (click for full-screen dynamic version) shows national existing single family home sales.

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