Bucking National Trends, January Home Sales Up in Leon County

Sales of existing single-family homes in Leon county increased in January by 9.8% when compared to numbers sold in the same month one year ago. There were 163 single-family home resales in January 2017 and 179 resales in January 2018. Last month there were 223 existing single-family homes sold.

The average sales price in January 2018 increased 2.1% to $231,808 from $227,028 one year ago.

Annual trends show that single-family home sales increased to an annual rate of 3,191 in January, up from the 3,175 reported last month. The annual rate of sales is now 4.5% above the annual rate of 3,055 sales reported a year ago.

The National Association of Realtors reported that single-family home sales declined 3.8 percent to a seasonally adjusted annual rate of 4.76 million in January from 4.95 million in December, and are now 4.8 percent below the 5.00 million pace a year ago. The median existing single-family home price was $241,700 in January, up 5.7 percent from January 2017.

Existing-home sales in the South decreased 1.3 percent to an annual rate of 2.26 million in January, and are 1.7 percent lower than a year ago. The median price in the South was $208,200, up 4.3 percent from a year ago.

Lawrence Yun, NAR chief economist, says January’s retreat in closings highlights the housing market’s glaring inventory shortage to start 2018. “The utter lack of sufficient housing supply and its influence on higher home prices muted overall sales activity in much of the U.S. last month,” he said.

Yun added, “It’s very clear that too many markets right now are becoming less affordable and desperately need more new listings to calm the speedy price growth.”

The chart below shows the annual rate of single family sales in Leon county over the last 24 months.

The average price of homes sold over the last twelve months in Leon county was $239,640. This is 6.5% above the $231,808 sales price reported one year ago.

The average sales price chart below shows the 12-month and 3-month average sales price of single-family homes in Leon county over the last two years.

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