Home sales nationwide were up 13.5% over January 2020, according to the RE/MAX National Housing Report.
Inventory dipped 35.7% from last year, matching the all-time low of 1.7 months of supply, a record that was set in July of 2020.
The median sales price in the first month of 2021 was up 11.8% from January 2020 to $285,000, nearly matching the record high of $290,000 set last August.
“January home sales started the year off with a bang despite the current shortage of homes for sale,” RE/MAX Holdings CEO Adam Contos said in a press release. “January’s year-over-year sales increase wasn’t as pronounced as what we saw in the back half of 2020, but it was solid by any objective measure – and it signals that 2021 could be an historically good year for housing.
“Uncommonly low interest rates, the ascent of the millennial homeowner and the prospect of working from anywhere are converging to shape a housing market unlike any other. We could see mortgage rates begin to inch up soon, so now might be an ideal time for homebuyers and sellers to make their move and take advantage of the favorable conditions.”
The average number of days homes spent on the market dropped to 40 days, a dramatic decline from the 59 days in January 2020.