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Overall Home Sales Down in January




Despite a slight increase in the sales of existing single-family homes, the overall existing home market saw a sales decline in January. Sales of new single-family homes also dropped in January.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – slipped 0.4 percent to a seasonally adjusted annual rate of 4.89 million units in January from an upwardly revised level of 4.91 million in December, and are 23.4 percent below the 6.44 million-unit pace in January 2007, according to a report by the Commerce Department. In a separate Commerce Department report, sales of new single-family homes declined 2.8 percent in January to a seasonally adjusted annual rate of 588,000 units.

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Single-family home sales rose 0.5 percent to a seasonally adjusted annual rate of 4.34 million in January from 4.32 million in December, and are 22.4 percent below 5.59 million-unit pace in January 2007.

Existing condominium and co-op sales fell 6.5 percent to a seasonally adjusted annual rate of 550,000 units in January from 588,000 in December, and are 30.2 percent below the 788,000-unit level a year ago.

Regionally, existing home sales in the Midwest rose 3.4 percent to an annual pace of 1.20 million in January, but are 20 percent below January 2007. Existing home sales in the South slipped 0.5 percent in January 2007 to a level of 1.95 million and are 22 percent below a year ago. In the West, existing home sales declined 2.1 percent to an annual rate of 930,000 in January and are 28.5 percent below January 2007. Existing home sales in the Northeast fell 3.6 percent to an annual rate of 810,000 in January, and are 25.7 percent below a year ago.

Three out of four regions posted lower new home sales in January, with a 10.3 percent decline reported in the Northeast, a 7.6 percent decline reported in the Midwest and a 2.4 percent decline reported in the South. The West posted a 2.2 percent gain for the month, following a large decline in December.

Sources: Commerce Department, Associated Press


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June 18, 2019, 6:43 pm PDT

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