While home sales were pretty tame from December to January 2020, things picked up in grand fashion for January which saw a 10 percent increase in sales, according to MSN.
Despite limited inventory, the story revealed that first-time buyers are feeling a bit more encouraged when it comes to taking the plunge of purchasing a home.
"Existing-home sales are off to a strong start" this year, says Lawrence Yun, chief economist for the National Association of Realtors, according to the report. "Mortgage rates have helped with affordability, but it is supply conditions that are driving price growth," continued Yun.
With housing starts picking up, Yun believes that sales could further increase as interest rates continue to decline. The report revealed that first-time homebuyers were responsible for 32 percent of all home purchases in January, a 1 percent increase from the previous month.
To learn more about winter home sales as of January 2020, click here.