January saw a significant 37.6% rise in pending sales over last month. This is the highest number of pending sales for the first month of the year since 2007. Not unsurprisingly, with the holidays behind us, new listings also jumped a whopping 79.4% on December’s total, which was a three-year high. Closed sales were down, at 1,477 compared with 2,239.
Inventory has crept up from 2.3 months to 3.9 months, the highest since last February. The average price of homes in the last twelve months has increased 7.0% when compared with the twelve months prior to the year ending in January 2014, $333,600 vs $311,900.