At the current pace of sales, it would take roughly 2.9 months to exhaust the inventory of existing homes. Experts view a pace of six to seven months as a healthy level. (Jeremy Erickson/Bloomberg via Getty Images / Getty Images
Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Existing home sales unexpectedly fall in January for 12th straight month
- U.S. existing home sales slowed for the 12th consecutive month in January as high mortgage rates, surging inflation and steep home prices sapped consumer demand from the housing market.
- Sales of previously owned homes tumbled 0.7% in January from the prior month to an annual rate of 4 million units, according to new data released Tuesday by the National Association of Realtors (NAR). On an annual basis, existing home sales are down 36.9% when compared with January 2021.
- It is the slowest pace since November 2010, when the U.S. was still in the throes of the housing crisis triggered by subprime mortgage defaults.
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