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

By Jann Swanson

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)

Forward this article via email: Send a copy of this story to someone you know that may want to read it.

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

      

Comments

About Mortgage News Daily

Mortgage News Daily

Check Also

Wells Fargo Looks to Assist Those Impacted by Disasters

With more than half of Americans unprepared for natural disasters, Wells Fargo believes it is …