Existing home sales decline, inventory still a big issue

Pending Home Sales

Pending Home SalesBy Jann Swanson | Mortgage News Daily

Sales of existing homes fell again in January, the second consecutive month-over-month decline.  Sales of pre-owned single-family homes, townhomes, condos, and cooperative apartments were down 3.2 percent compared to December, and the seasonally adjusted annual sales in December, already estimated at a 3.6 percent decline, were revised down even furtherThe National Association of Realtors® (NAR) said existing homes sold during the month at a seasonally adjusted rate of 5.38 million, representing a year-over-year decline of 4.8 percent.  It was the slowest sales pace since last September and the largest annual loss since a 5.5 percent decline in August 2014. December sales were revised down from 5.570 million to 5.56 million. The months sales results were broad-based. All four U.S. regions saw both monthly and annual declines.

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