Existing home sales decreased 5.3% in January to a seasonally adjusted 4.49 million-unit rate, the National Association of Realtors announced yesterday.
Thomson Reuters’ poll of economists predicted a rise to a 4.80 million unit pace. Sales showed an unrevised 6.5% gain to a 4.74 million units in December.
On a year-over-year basis, sales overall were down 8.6% from a 4.91 million unit sales pace last January.
“Given so much stimulus package discussion in January, some would-be buyers simply sat out for clarity and certainty on the nature of housing stimulus,” said Lawrence Yun, NAR’s chief economist. “The housing market will soon get a lift from very favorable buying conditions — not only from improved affordability, but also from the stimulus of an $8,000 first-time home buyer tax credit, and higher conforming loan limits that will allow more people to tap into 50-year low mortgage rates.”
