(Jeff Sorg, OnlineEd) – The National Association of Realtors® is reporting that existing-home sales declined in January to their lowest rate in nine months. All major regions experienced declines in January, with the Northeast and West seeing the largest, but sales remain higher than a year ago by 3.2% .
Total existing-home sales are completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 4.9 percent to a seasonally adjusted annual rate of 4.82 million in January, the lowest since last April at 4.75 million, from an upwardly-revised 5.07 million in December.
Lawrence Yun, NAR chief economist, says the housing market got off to a somewhat disappointing start to begin the year with January closings down throughout the country. “January housing data can be volatile because of seasonal influences, but low housing supply and the ongoing rise in home prices above the pace of inflation appeared to slow sales despite interest rates remaining near historic lows,” he said. “Realtors® are reporting that low rates are attracting potential buyers, but the lack of new and affordable listings is leading some to delay decisions.”
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This article was published on February 24, 2015. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.