January sales eased slightly compared to last year’s level. Thanks to a significant decline in new listings, inventory levels eased, and the market saw the months of supply ease to under nine months, improvement from last January levels which were nearly 10 months.

While the market remains oversupplied, both the average and median prices improved over the previous year, while the benchmark price eased. The improvements in average and median prices were likely driven by a shift in the distribution this month compared to last year as there was a jump in the number of higher priced home sales.

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