Steel Markets
February 19, 2021
Existing Home Inventory Grows Tighter in January
Written by Sandy Williams
Finding that perfect house just became harder. The National Association of Realtors reports that inventory of existing homes at the end of January fell to a record low of 1.04 million units, a whopping 25.7% decline year-over-year. At the current sales rate, supply is at an all-time low of 1.9 months.
Sales for the month rose to a seasonally adjusted annual rate of 6.69 million, up 0.6% from December and soaring 23.7% from a year ago. Strong demand and low interest rates lifted home sales to the second highest level since April 2006.
