NAR: Home Sales “Likely to Have Reached a Cyclical Low”


Posted To: MND NewsWire

Existing home sales fell again in January although the decline was a minor one compared to the 6.4 percent drop in December. The National Association of Realtors® (NAR) said sales of single-family homes, townhomes, condominiums and co-ops ticked down 1.2 percent from December’s annual rate of 4.99 million to a seasonally adjusted annual rate of 4.94 million. That number, the lowest since November 2015, put sales behind those a year earlier (5.40 million) by 8.5 percent. Single-family home sales declined from 4.45 million in December to 4.37 million, putting them 8.4 percent lower on a year-over-year basis. Existing condominiums and co-ops sold at an annual rate of 570,000 units in January, up 3.6 percent from last month and down 9.5 percent from a year ago. Analysts, pointing to lower mortgage…(read more)

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