Sales of previously owned homes fell significantly in January from one month earlier, according to new numbers from the National Association of Realtors. Sales declined in all regions and ended the month 8.4 percent lower than December’s levels. Dr. Lawrence Yun, NAR’s chief economist, says winter weather may be behind the drop. “The decrease in sales is disappointing,” Yun said. “The below-normal temperatures and above-normal precipitation this January make it harder than usual to assess the underlying driver of the decrease and determine if this month’s numbers are an aberration.” There’s reason to believe that could be the case. After all, according to Yun, housing market conditions are improving and buying a home is now more affordable than it’s been at any time since March 2022. But while affordability has improved in all regions, it remains challenging. Inventory gains have recently slowed, allowing the median home price to climb and set a new high for the month of January. (source)
