The 12-month losing streak is the longest since NAR began tracking sales in 1999.
The numbers: U.S. existing-home sales fell 0.7% to a seasonally adjusted annual rate of 4 million in January, the National Association of Realtors said Tuesday.Economists polled by the Wall Street... The numbers: U.S. existing-home sales fell 0.7% to a seasonally adjusted annual rate of 4 million in January, the National Association of Realtors said Tuesday.Economists polled by the Wall Street Journal were expecting existing-home sales to drop to 4.2 million.
Expressed in terms of the months-supply metric, there was a 2.9-month supply of homes for sale in January, unchanged from the previous month. Before the pandemic, a four or five-month supply was more the norm. All-cash transactions made up 29% of all transactions. About 31% of homes were sold to first-time home buyers, similar to the from the previous month.The sector has been feeling pain for months as rates and prices continue to make homeownership unaffordable, and the recent sharp rise in mortgage rates is only likely to keep the market in a standstill.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Existing-home sales fall for the 12th straight month in January, lowest since 2010The 12-month losing streak is the longest since NAR began tracking sales in 1999.
Read more »
Existing home sales unexpectedly fall in January for 12th straight monthSales of previously owned homes fell 0.7% in January from the prior month due to higher mortgage rates, according to the National Association of Realtors.
Read more »
U.S. Home Sales Fell in January for 12th Straight MonthU.S. home sales fell in January for the 12th straight month as high mortgage rates continued to weigh on the housing market
Read more »
Home sales sank in January for the 12th straight month | CNN BusinessUS home sales declined in January for the 12th consecutive month as mortgage rates remained elevated and stubbornly high prices kept homebuyers out of the market.
Read more »
US: Existing Home Sales decline by 0.7% in January vs +0.1% expectedExisting Home Sales in the US declined by 0.7% in January to an adjusted annual rate of 4 million, the National Association of Realtors (NAR) reported
Read more »
U.S. existing home sales fall in January, but pace slowingU.S. existing home sales dropped to a more than 12-year low in January, but the pace of decline slowed, raising cautious optimism that the housing market slump could be close to reaching a bottom.
Read more »