"Existing home sales fell 8.4% from December to January, the National Association of Realtors reported Thursday. Economists had expected a 4.6% monthly drop, according to WSJ data. Sales were down 4.4% from a year earlier, hitting a seasonally adjusted annual rate of 3.91 million. Zoom in: The decline was most acute for single-family homes, where sales fell 9%. Regionally, the West was down 10.3%, the South 9% and the Midwest 7.1%, while the Northeast rose 5.9%."
"Between the lines: The decline came despite NAR's data showing that housing is the most affordable it's been since March 2022. "This is due to wage gains outpacing home price growth and mortgage rates being lower than a year ago," NAR chief economist Lawrence Yun said in a statement. "However, supply has not kept pace and remains quite low." Cold, snowy weather might've played a role in suppressing home sales in January, Yun noted."
Existing home sales declined 8.4% from December to January and fell 4.4% versus a year earlier, reaching a seasonally adjusted annual rate of 3.91 million. The drop was strongest in single-family homes (−9%) and was largest in the West (−10.3%), the South (−9%) and the Midwest (−7.1%), while the Northeast rose 5.9%. Affordability improved to the best level since March 2022 due to wage gains and mortgage rates lower than a year ago, but housing supply remains low. Cold, snowy weather and lingering economic jitters contributed to weaker buyer activity. Median home price increased 0.9% year-over-year to $396,800, the 31st consecutive monthly gain.
Read at Axios
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