Existing Home Sales Remain Near Record Pace Despite January Decline
Sales of existing single-family homes in January were down 5.2% to a seasonally adjusted annual rate of 6.04 million units, the National Association of Realtors® reported last week, but remained close to record levels.
The pace of last month’s home resales was 2% above the sales rate of January 2003, the association reported.
“We have to keep in mind that the level of home-sales activity over the last six months has been the strongest on record,” said David Lereah, NAR’s chief economist.
Lereah said that resales in January were the sixth highest ever and exceeded the total forecast for this year. “We can expect month-to-month ups and downs, but the long-term trend is for home sales to stay close to record territory this year,” he added.