Home sales are down 5 percent as baby boomers stay put
Posted by West + Main Homes on
Home sales fell for the second month in a row as a lack of inventory put would-be buyers in a holding pattern, even as interest rates are on track to continue inching higher.
The National Association of Realtors reported last week that sales of existing homes fell more than 3 percent in January, the largest decline in three years on an annualized basis. The trade group said this drop, combined with December’s falloff in sales, brings existing home sales down by almost 5 percent from a year ago.
NAR chief economist Lawrence Yun blamed the slump not on a lack of demand, but on a lack of homes available for people to buy. “The data shows we’re still in a very tight supply situation and the demand does not appear to have retracted,” he said. “The…
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