Compared with January 2021, home sales were down 36.9%.
The numbers: U.S. existing-home sales fell 0.7% to a seasonally adjusted annual rate of 4 million in January, the National Association of Realtors said Tuesday.Economists polled by the Wall Street Journal were expecting existing-home sales to drop to 4.2 million.
Expressed in terms of the months-supply metric, there was a 2.9-month supply of homes for sale in January, unchanged from the previous month. Before the pandemic, a four or five-month supply was more the norm. All-cash transactions made up 29% of all transactions. About 31% of homes were sold to first-time home buyers, similar to the from the previous month.The sector has been feeling pain for months as rates and prices continue to make homeownership unaffordable, and the recent sharp rise in mortgage rates is only likely to keep the market in a standstill.
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