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- In January, the market potential for existing-home sales fell by 1.9 percent compared with a year ago, a decline of 107,000 (SAAR) sales.
- Currently, potential existing-home sales is 328,000 (SAAR) or 13.8 percent below the pre-recession peak of market potential, which occurred in July 2005.
- The market for existing-home sales is underperforming its potential by 0.2 percent or an estimated 9,500 (SAAR) of sales, which is the smallest performance gap in the last 18 months.
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- In the 53 metro areas surveyed, total sales were up 4.5 percent over January 2016, which was previously the January with the most sales.
- The median sales price of $208,500 was up 4.3 percent and marked the 10th consecutive month of year-over-year price increases.
- The new January low of 66 days on market underscores the fact that inventory has declined year-over-year for 99 consecutive months dating back to October 2008.
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