NAR: Condo and Co-op Sales Fare Better Than Single-Family in January

NAR: Condo and Co-op Sales Fare Better Than Single-Family in January

Sales of condominiums and co-ops fared slightly better in January than those of single-family homes, according to National Association of Realtors data released Friday. Condos and co-ops saw a 2.4% monthly decline in sales volume, compared to a 5.2% drop-off for single-family homes. Year-over-year pricing increases were also smaller for condos and co-ops.

Overall, total existing-home sales dropped 4.9% from December 2024 to a seasonally adjusted annual rate of 4.08 million in January. Year-over-year, sales improved 2.0%, up from four million in January 2024, although January sales of condos and co-ops were flat compared to the year-ago period at an annualized rate of 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.”

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