Existing-home sales fell in January but are above year-ago levels, according to the National Association of Realtors®

Existing-home sales – including single-family, townhomes, condominiums and co-ops – dropped 7.2 percent to a seasonally adjusted annual rate  of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5 percent above the 4.53 million-unit level in January 2009.

In looking at the annualized, adjusted Existing Home Sales data, we find:

  1. Sales volume is at its lowest levels since June 2009
  2. Sales volume fell below its 12-month rolling average
  3. Home supplies are at a 5-month high

I wouldn’t read too much into these number though. The market is cyclical and the weather this winter definitely impeded activity. Plus, we are still adjusting from last November’s flurry of activity after the first First Time Home Buyer Tax Credit. By the way, the extension of the credit is running out soon, make sure you are in contract to buy by April 30th of this year and complete the transaction by June 30th of this year to qualify.

It would appear that we are set for a good February and March and numbers are in line with expectations. The Good news from all this is buyers are finding better deals and sellers are more willing to negotiate!

As always of if need some help getting financing together for you next home purchase or refinance, give me a call or shoot me an email.

Enjoy your day!

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