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Home sales up but prices down

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(Read caption) This chart shows the number of single family home sales from November 2005 through January 2011. The number of sales in January was the highest since May 2010.

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Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for January showing a continued increase in sales coming in the wake of the now obviously phony baloney government tax gimmick sponsored surge in home sales activity seen earlier in 2010 and 2009.

Single family home sales increased 2.4% since December rising 4.92% above the level seen last year while prices declined 2.7% below the level seen in January 2010.

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Further, inventory remains high climbing 4.6% above the level seen in January 2010 which, combined with the relatively slow pace of sales, resulted in a monthly supply of 7.5.

The following charts (click for full-screen dynamic version) shows national existing single family home sales, median home prices, inventory and months of supply since 2005.

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