WASHINGTON (2/24/15)--Existing-home sales continue to underwhelm as sales declined again in January--this time falling to their slowest pace in nine months, according to numbers released Monday by the National Association of Realtors.
Seasonally adjusted annualized home sales fell 4.9% to 4.82 million. However, that was still 3.2% above their year-ago levels (Economy.com Feb. 23).
Weak condo-and-co-op sales led the decline with its third-straight poor month, dropping 3.5% from December to January, and 1.8% year-over-year. Single-family home sales also fell, dropping 3.5% to 4.27 million units annualized.
"The housing market took a step back in January," said Thomas McCartin, Moody's analyst (Economy.com). "Existing-home sales dropped to the lowest level since April. The current pace is soft" and January's performance did not alter that trend much.
By region, existing-home sales fell 2.7% in the Midwest, 4.6% in the South, 6% in the Northeast and 7.1% in the West.
The median price of existing single-family homes dropped to $199,600 for the month, a 4.1% decrease from December and the lowest average price since March 2014, according to Moody's. The price is 6.2% higher on an annual basis, however.