San Francisco

U.S. existing-home sales climbed 5.1% month-over-month and 1.4% year-over-year to a seasonally adjusted annual rate of 4.35 million units, the strongest pace in nearly three years, according to the National Association of REALTORS® (NAR). Lower mortgage rates and slower home price growth helped spur buyer activity, and sales increased month-over-month in every region. On an annual basis, sales rose in the South, held steady in the West and Midwest, and declined in the Northeast.

New Listings were down 23.8 percent for single family homes and 20.9 percent for Condo/TIC/Coop properties. Pending Sales decreased 18.1 percent for single family homes but increased 4.2 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 16.2 percent to $1,653,325 for single family homes and 0.7 percent to $999,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 38.5 percent for single family units and 43.8 percent for Condo/TIC/Coop units.

Nationally, there were 1.18 million homes for sale heading into January, an 18.1% decline from the previous month but 3.5% higher compared to the same period last year, representing a 3.3-month supply at the current sales pace, according to NAR. Meanwhile, the median existing-home price rose 0.4% from a year ago to $405,400, reflecting a continued moderation in national price growth.