The National Association of Realtors (NAR) reports that the seasonally adjusted annual rate of existing home sales in January inched up just 0.4% to a seasonally adjusted annual rate of 5.47 million from a downwardly revised total of 5.45 million in December.

January sales were tepid compared with the December jump of 14.7%, though some of that jump was attributed to processing delays in October and November after new mortgage-writing rules became effective on October 1.

Even so, the January rate is the highest in six months and price growth rose at its highest rate since last April. Sales were 11% higher than in January 2014, the largest gain since July 2013.

The consensus estimate called for sales to reach 5.32 million, according to a survey of economists polled by Bloomberg.

The NAR’s chief economist said:

The housing market has shown promising resilience in recent months, but home prices are still rising too fast because of ongoing supply constraints. Despite the global economic slowdown, the housing sector continues to recover and will likely help the U.S. economy avoid a recession.

The spring buying season is right around the corner and current supply levels aren’t even close to what’s needed to accommodate the subsequent growth in housing demand. Home prices ascending near or above double-digit appreciation aren’t healthy – especially considering the fact that household income and wages are barely rising.

Housing inventory increased by 3.4% in January, to 1.82 million homes, which is equal to a supply of four months, a slight increase from 3.9 months in December.

According to the NAR, the national median existing home price for all housing types in January was $213,800, up 8.2% compared with January 2015, the 47th consecutive month of rising home prices. In December 2015 the national median price was $224,100.

The percentage of first-time buyers remained unchanged at 32% in January, up from 28% in January 2015.

Sales of single-family homes rose 1% from the December total to a seasonally adjusted annual rate of 4.86 million, up 11.2% compared with January 2015. Sales of multifamily homes fell 4.7% in January at a seasonally adjusted annual rate of 610,000 units.

Foreclosed and short sales accounted for 9% of January sales, up from 8% in December and down 11% compared with January 2015. Foreclosures sold at an average discount of 13% and short sales sold at an average 12% discount to the January median price.

All homes were on the market for an average of 64 days in January, up from 58 days in December. Foreclosed homes were on the market for an average of 57 days and short sales took a median of 77 days to sell. Non-distressed homes took 61 days to sell, and 32% of homes sold in January were on the market for less than a month.

The NAR also reported the following regional data:

• January existing-home sales in the Northeast rose 2.7% year over year to an annual rate of 750,000 and are now 20.6% above a year ago. The median price in the Northeast was $247,500, which is 0.9% higher than January 2015.
• In the Midwest, existing-home sales increased 4% to an annual rate of 1.3 million in January and are now 18.2% above January 2014 sales. The median price in the Midwest was $164,300, up 8.7% from a year ago.
• Existing-home sales in the South were unchanged in January at an annual rate of 2.24 million and are now 5.7% above January 2015 sales. The median price in the South was $184,800, up 8.5% from a year ago.
• Existing-home sales in the West declined by 4.1% to an annual rate of 1.17 million in January and are now 8.3% higher than a year ago. The median price in the West was $09,400, which is 7.4% above the January 2015 median.

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