2020 starts with a modest increase in sales  

The conditions in the housing market continue to follow trends similar to last year, with increases in sales.

Additionally, there have been further reductions in new listings, inventory, and more decreases in prices.

Sales activity in January was 863 units, almost eight percent higher than levels last year. Although sales continued well below January activity reported before 2014, they remain consistent with activity reported in the past five years.

"A persistent slowdown in the energy sector has resulted in a reset in many aspects of our economy. This includes the housing market," said CREB® chief economist Ann-Marie Lurie.

"We continue to see the slow adjustment to more balanced conditions, but it will take time before that starts to translate into price stability."

January unadjusted benchmark prices citywide were $417,100, which is moderately lower than the prior month and almost...