Home sales in the MRIS region in January continued their hot streal at 9,290 purchase agreements signed – an increase of 32.1 percent from a year ago.
The increase in sales has led to stabilizing home prices. January’s median sales price of $246,000 was 1.6 percent lower than a year ago. While that’s still a decline, it’s a much smaller decline than we’ve seen in some time.
The Months Supply of Inventory in the region has dropped to 5.3, down 36.0 percent from the mark of 8.2 seen a year ago.
