Home prices climbed in January as inventory fell to a new record low.

Home prices up 15.4% in January from a year ago

By Anna Bahney, CNN Business

Updated 12:25 PM ET, Fri February 18, 2022

The median price for a home last month was $350,300, up 15.4% from a year ago, according to the National Association of Realtors. It was not the highest median price on record, which was $362,800 last June, but it is the highest for the month of January, which tends to be a sleepier time for home sales.

"Buyers were likely anticipating further rate increases and locking in at the low rates, and investors added to overall demand with all-cash offers," said Lawrence Yun, NAR's chief economist. "Consequently, housing prices continue to move solidly higher."

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