Existing-Home Sales Roll Back to 2015 Levels
The winter months have proven to be a sluggish time for home sales. January was the third consecutive month in which existing-home sales posted a drop, the National Association of REALTORS® reported Thursday. All regions of the U.S. saw a drop in sales except for the Northeast.
Total existing-home sales, which are completed transactions on single-family homes, townhomes, condos, and co-ops, dropped 1.2 percent in January compared to December. Sales are down 8.5 percent from a year ago, and now are at the lowest level since November 2015.
“Existing-home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low,” Yun says. “Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.” NAR Chief Economist Lawrence Yun