The National Association of REALTORS® (NAR) reports that sales of existing homes fell in January for the third straight month but greener pastures could be ahead, says the NAR. Existing Home Sales fell 1.2% from December to an annual rate of 4.94 million annualized units vs the 5.05 million expected, the lowest since November 2015. Compared to last year, sales are down 8.5%.
The Midwest, South and West all saw declines in sales while the Northeast had gains. The median home price rose 2.8% from January 2018 to $247,500. Inventories are at a 3.9 month supply, below the normal level of six months. “Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months,” said Lawrence Yun, NAR’s chief economist.