January Wait for sales fall in the lowest level

High mortgage rates and home prices are combined to crush home sales.

Sales based on existing housing contracts fell by 4.6% from December since 2001 continued to monitor this metric. Sales fell by 5.2% from January 2024. These sales are the closed indicator of the future.

“There is no light in January 25, despite the fewer buyers in the market for less than 25 years, they hope more sales activity in the coming months,” Lawrence Yun said the main economists of NAR. “However, it is obvious since gaining highest housing prices and higher mortgage rates.”

The weather factor has fallen in the month of the month and fell in the northeast and west, which cold temperature saw the lowest effect. The hardest sales fell in the south, the last few years has been the most active regions of domestic sales.

Mortgage rates were also larger in January. The average rate of the well-known 30-year-old loan passed below 7% in the first half of December, but then began to climb. It was more than 7% above January, according to new mortgages.

Home prices have been relieved in several areas in recent months, the sellers cut prices, but they are still greater than a year ago.

This sales fall in January has also been inventory of sales sales, but including non-salesed homes, 17% increase in last year, 14th month, according to Realtor.com.

“More sales inventories have the ability to create more signature of the contract, but the home supply is not distributed throughout the US,” Hannah Jones, Economist with Economist with Realtoria.com. “In addition, many areas of applications see a relatively low sales inventory, which progress towards more homes.”