Existing Home Sales Fall for Fifth Month
Came across this article today from the Associated Press and thought it was relevant as we inch closer to the busy selling season.
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WASHINGTON (AP) -- Sales of existing homes fell for a fifth consecutive month in January as the once-sizzling housing market cooled further.
The National Association of Realtors reported Tuesday that sales of previously owned homes dropped by 2.8 percent compared to a seasonally adjusted annual rate of 6.56 million units, the slowest pace in two years.
Even with the slowdown in sales, home prices held steady with the median price in January at $211,000, unchanged from the December level.
Sales of both existing and new homes set records for the fifth straight year in 2005, but analysts believe that sales of existing homes will fall by around 5 percent this year as rising interest rates cut into demand.
The biggest sales decline last month was a 10 percent drop in the Northeast. Sales were down 7.7 percent in the Midwest and fell 3.5 percent in the West.
Continue reading the article here.
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Could the Indianapolis real estate market be on the verge of a big cool down this summer? That remains to be seen, but there have been warning signs that we could be headed that way.
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WASHINGTON (AP) -- Sales of existing homes fell for a fifth consecutive month in January as the once-sizzling housing market cooled further.
The National Association of Realtors reported Tuesday that sales of previously owned homes dropped by 2.8 percent compared to a seasonally adjusted annual rate of 6.56 million units, the slowest pace in two years.
Even with the slowdown in sales, home prices held steady with the median price in January at $211,000, unchanged from the December level.
Sales of both existing and new homes set records for the fifth straight year in 2005, but analysts believe that sales of existing homes will fall by around 5 percent this year as rising interest rates cut into demand.
The biggest sales decline last month was a 10 percent drop in the Northeast. Sales were down 7.7 percent in the Midwest and fell 3.5 percent in the West.
Continue reading the article here.
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Could the Indianapolis real estate market be on the verge of a big cool down this summer? That remains to be seen, but there have been warning signs that we could be headed that way.
posted by Christina at 1:38 PM
2 Comments:
Realtors say it's due to the delayed sales from the spring market. The results were unexpected because the usual indicators no longer apply.
Good news for all realtors.
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