Sales of existing homes unexpectedly fell in January

WASHINGTON, Feb 21 (Reuters) – U.S. home sales unexpectedly fell for a second straight month in January, weighed down by a persistent shortage of houses that is pushing up prices and keeping first.

WASHINGTON – New home sales rebounded unexpectedly. the revision to January’s sales results, the month remained the worst on records dating back to 1963. Economists surveyed by Thomson Reuters had.

Existing home sales, which make up about 90% of U.S. home sales, dropped 4.4% from a year ago, the 14th straight annual decrease. According to the NAR, there was a 10% drop from a year earlier in.

Homes typically sold in 42 days, down from 50 days a year earlier 43 percent of homes sold in January were on market for less than a month. Existing home sales account for 90% of the market and are calculated when a contract closes.

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The estimate of new houses for sale at the end of January was 301,000, representing 6.1 months of supply at the current sales rate. Last Wednesday, the National Association of Realtors released a separate report unexpectedly showing a significant decrease in existing home sales in January.

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Home prices unexpectedly fell by 0.3% month-over-month in May. "Housing has been turning in mixed economic numbers in the last few months. Prices and sales of existing homes have shown improvement.

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Median sales price increased 5.8% y/y to $240,500 Inventory of available properties fell 9.5% y/y to 1.52m, lowest for January since records began in 1999. Sales growth is limited by an acute shortage of inventory, which is pushing up home prices faster than wage growth.

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