Steel Markets
February 21, 2018
Home Sales Fall Due to Tight Supply and Affordability
Written by Sandy Williams
Existing home sales fell for the second consecutive month in January, dropping 3.2 percent to a seasonally adjusted annual rate of 5.38 million, according to data from the National Association of Realtors. Compared to a year ago sales are down 4.8 percent, the steepest decline since 5.5 percent in August 2014.
Inventory rose 4.1 percent in January to 1.52 million existing homes for sale, but was still 9.5 percent lower than a year ago. Housing inventory would last 3.4 months at the current sales rate.
