Home sales were down 8.4 percent in January – the biggest decline in four years.
This drop – which came amidst frigid Winter temperatures and low consumer confidence – is the steepest since February 2022.
According to a report from the National Association of Realtors, sales of existing homes fell from the prior month to a seasonally adjusted annual rate of 3.91 million.
‘The decrease in sales is disappointing. The below-normal temperatures and above-normal precipitation this January make it harder than usual to assess the underlying driver of the decrease and determine if this month’s numbers are an aberration,’ said Dr. Lawrence Yun, NAR’s chief economist.
These numbers point to more struggles for the housing market, which has also been seeing prices decline and inventory skyrocket in recent months.
The sales slump comes as home prices are now falling in 26 of the country’s 50 biggest metro areas, according to recent report from Realtor.com..
Nationally, the median US listing price has slipped back below $400,000 for the first time in nearly three years – a key psychological level that had held since the pandemic boom.
January’s sales collapse risks accelerating that trend.
Guess so
Seen Trailer homes for more than 300 thousand
Builders have priced themselves out of the market
you have to be very wealthy to be able to afford even a rancher around here. prices are insane. price gouging at its finest. has anyone noticed what brandon brittingham is driving these days.
So, 6:48, you don’t support free market capitalism? Communism works better for you? Good luck to you and you socialist Chinese Russian comrades.
Ever hear of corporate greed 4:47. Henry Ford had it right when he said he wanted to produce a car his employees could afford. Think about that 4:47 !!