In January, both new and existing home sales dropped, indicating a prolonged chill in the housing market fueled by high costs and economic uncertainty. The South experienced the greatest decline, while overall figures reflect year-over-year drops in various regions. Although existing-home sales showed a slight annual increase, new-home sales fell sharply. The colder weather may have influenced buyer activity negatively, and analysts predict that while January's data is concerning, it also indicates potential for improvement moving forward into 2025, contingent on economic conditions.
Falling new- and existing-home sales in January suggest that the winter's chill may persist longer than expected due to still-high housing costs.
Regionally the index also shows a decline, led by the South, which fell 9.2% compared to December and by 8.8% relative to a year ago.
Existing-home sales were a relative bright spot... sales were up 2% year over year, the fourth consecutive month of annual gains.
It's evident that elevated home prices and higher mortgage rates strained affordability.
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