Existing-home sales fell 4.9% from December to January to a seasonally adjusted annual rate of 4.08 million, but sales were up 2.0% from January 2024, according to the National Association of Realtors.
The median existing-home sales price increased 4.8% from January 2024 to $396,900, the 19th consecutive month of year-over-year price increases.
"Mortgage rates have refused to budge for several months despite multiple rounds of short-term interest rate cuts by the Federal Reserve," NAR Chief Economist Lawrence Yun said in a statement. "When combined with elevated home prices, housing affordability remains a major challenge."
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