MNI: US Jan Existing Home Sales Slowest Since October
MNI (WASHINGTON) - U.S. sales of existing homes fell 4.9% to a seasonally adjusted annual rate of 4.08 million in January, the National Association of Realtors said Friday, below market expectations and the slowest since October. Sales year-over-year are up 2.0%.
"The persistently high mortgage rate is really cutting off the buyer opportunity,” NAR chief economist Lawrence Yun told reporters. “This elevated consumer price inflation certainly is not helping drive mortgage rates lower."
"If the Federal Reserve could stop selling those mortgage backed securities off their balance sheet, that mortgage rate could go down," he added.
The national median home price was up 4.8% over the last year but down 1.7% over the month to USD396,900, the first time under USD400k since March last year. The inventory of unsold existing homes stood at 1.18 million at the end of January, a 3.5 months' supply.