Steel Markets
February 21, 2019
Existing Home Sales Drop to 2015 Level
Written by Sandy Williams
Existing home sales fell for the third month in January for the lowest seasonally adjusted annual rate since November 2015, according to the National Association of Realtors. Sales dipped 1.2 percent from December to a SAAR of 4.94 million homes last month. Compared to a year ago, sales were down 8.5 percent.
“Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low,” said NAR Chief Economist Lawrence Yun. “Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”
