**Condo and Co-op Sales Outperform Single-Family Homes in January**
Sales of condominiums and co-ops showed more resilience in January compared to single-family homes, according to data from the National Association of Realtors (NAR) released on Friday. While condo and co-op sales experienced a modest 2.4% decline in volume from the previous month, single-family home sales saw a steeper drop of 5.2%. Additionally, year-over-year price increases for condos and co-ops were less pronounced than those of single-family homes.
Overall, total existing-home sales fell 4.9% from December 2024, reaching a seasonally adjusted annual rate of 4.08 million in January. However, compared to January 2024, sales improved by 2.0%, rising from four million units. Meanwhile, the annualized sales rate of condos and co-ops remained steady year-over-year at 400,000 units.
“Mortgage rates have refused to budge for several months despite multiple rounds of short-term interest rate cuts by the Federal Reserve,” said NAR chief economist Lawrence Yun. “When combined with elevated home prices, housing affordability remains a major challenge.”
About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax (www.griffintax.com) and REVVED Up Accounting (www.revvedupaccounting.com). In addition, Steve founded Madison Avenue Technology (www.madisonave.tech). With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.
