First-time buyers

First-time home buyers accounted for 26% of purchases in
January, down from 27% in December and 30% in January
2013. This is the lowest market share for first-time
buyers since NAR began monthly measurement in October
2008; normally, they should be closer to 40%.  All-cash
sales comprised 33% of transactions in January, up from
32% in December and 28% in January 2013. Individual
investors, who account for many cash sales, purchased
20% of homes in January, compared with 21% in December
and 19% in January 2013. Seven out of 10 investors paid
cash in January.  Single-family home sales fell 5.8% to
a seasonally adjusted annual rate of 4.05 million in
January from 4.30 million in December, and are 6.0%
below the 4.31 million-unit pace in January 2013. The
median existing single-family home price was $188,900
in January, up 10.4% from a year ago.  Existing
condominium and co-op sales were unchanged at an annual
rate of 570,000 units in January, and are 1.8% above a
year ago. The median existing condo price was $188,700
in January, which is 13.0% above January 2013.

Regionally, existing-home sales in the Northeast
declined 3.1% to an annual rate of 620,000 in January,
and are also 3.1% below January 2013. The median price
in the Northeast was $241,100, up 6.6% from a year ago.
 Existing-home sales in the Midwest dropped 7.1% in
January to a pace of 1.04 million, and are 8.8% below a
year ago. The median price in the Midwest was $140,300,
which is 7.6% higher than January 2013.  In the South,
existing-home sales declined 3.5% to an annual level of
1.95 million in January, but are 1.6% higher than
January 2013. The median price in the South was
$161,500, up 9.4% from a year ago. Existing-home sales
in the West dropped 7.3% to a pace of 1.01 million in
January, and are 13.7% below a year ago. Sales in the
West are attenuated by tight inventory in many areas,
pushing the median price to $273,500, up 14.6% from
January 2013. 

I will see you at the top!

Dan