Existing-home sales decreased by 8.4% in January, according to the Existing-Home Sales report from the National Association of Realtors® (Washington, D.C.) Month-over-month and year-over-year sales fell in all regions.
“The decrease in sales is disappointing,” said NAR Chief Economist Dr. Lawrence Yun. “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.”
That said, Yun added, affordability conditions are improving. NAR’s Housing Affordability Index indicates that housing is the most affordable it’s been since March 2022.
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