Pending home sales posted a ninth straight month of double digit increase, sitting at 478 which is up 23.8% this January. Closed sales did dip slightly with a 4.8% decrease, with 333 sales last January and 317 sales this year. This should rebound though with the jump in pending home sales.
Inventory and new listings continue to decline. January new listings were down 10.7%. This has pushed our total inventory down 22.8% and our months supply of inventory is also down substantially to 7.0 months, a 31.3% decrease from last year at this same time.