Home sales plunge despite affordability improving
Summary
Existing home sales in the U.S. dropped by 8.4% from December to January, marking the largest monthly decline in four years. Despite homes being more affordable, factors like limited supply and economic uncertainty are affecting demand.Key Facts
- Existing home sales fell by 8.4% from December to January.
- Economists had predicted a smaller decline of 4.6%.
- Sales were also down 4.4% compared to the same month last year.
- The sales decline was most noticeable in single-family homes, with a 9% drop.
- The western U.S. experienced the largest regional decline at 10.3%.
- Housing is considered more affordable now because wages are growing faster than home prices.
- Mortgage rates are lower than they were a year ago.
- The median home price increased by 0.9% from last year to $396,800.
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