Sales of previously owned homes fell 4.9 percent in January, according to the National Association of Realtors. The month-over-month decrease included declines in the South, West, and Northeast. The Midwest was unchanged from the month before. Lawrence Yun, NAR’s chief economist, says affordability remains a challenge. “Mortgage rates have refused to budge for several months despite multiple rounds of short-term interest rate cuts by the Federal Reserve,” Yun said. “When combined with elevated home prices, housing affordability remains a major challenge.” Despite the challenge, though, sales were above last year’s level in all regions but the South, which was unchanged. Overall, existing-home sales were 2 percent higher year-over-year in January, marking the fourth consecutive annual increase. Also in the report, total housing inventory was up nearly 17 percent from last year at the same time. (source)
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