The National Association of Realtors notesDisappointing Existing-Home Sales in January.
“The decrease in sales is disappointing. The below-normal temperatures and above-normal precipitation this January make it harder than usual to assess the underlying driver of the decrease and determine if this month’s numbers are an aberration,” said NAR Chief Economist Dr. Lawrence Yun. “Affordability conditions are improving, with NAR’s Housing Affordability Index 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. However, supply has not kept pace and remains quite low.”
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December was mild. January wasn’t.
I don’t recall anyone blaming good weather for the good December statistics.
Moreover, existing-home sales are recorded at closing, not purchase time. Closings typically take 45-60 days.
Thus, January sales mostly represent contracts signed in November or December. Cash sales may be quicker.
But cash sales were only down a percentage point from 28 percent in December to 27 percent in January.
Existing-Home Sales Percent Change from Year Ago
Existing-home sales Median Sales Price
Source: SGT Report
