Steel Markets
February 23, 2015
Existing Home Sales Drop in January
Written by Sandy Williams
Sales of existing homes fell to their lowest rate in nine months in January. Sales dropped 4.9 percent to a seasonally adjusted annual rate of 4.82 million according to the National Association of Realtors. The sales decline was widespread, affecting all regions in the U.S.
“January housing data can be volatile because of seasonal influences, but low housing supply and the ongoing rise in home prices above the pace of inflation appeared to slow sales despite interest rates remaining near historic lows,” said Lawrence Yun, NAR Chief economist. “Realtors are reporting that low rates are attracting potential buyers, but the lack of new and affordable listings is leading some to delay decisions.”
