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Existing home sales in U.S. slip 3.2 percent in January

Xinhua,February 22, 2018 Adjust font size:

CHICAGO, Feb. 21 (Xinhua) -- Total existing home sales in the U.S. sank 3.2 percent in January to a seasonally adjusted annual rate of 5.38 million from a revised 5.56 million in December 2017, according to a press release issued by the National Association of Realtors (NAR) on Wednesday.

This is the second consecutive month for U.S. existing home sales to drop and experience the largest decline on an annual basis in over three years. After decline in December, the sales were 4.8 percent lower than a year ago and at the slowest pace since last September's 5.37 million units.

The median existing-home price for all housing types in January was 240,500 U.S. dollars, up 5.8 percent from 227,300 dollars in January 2017. January's price increase marks the 71st straight month of year-over-year gains.

Total housing inventory at the end of January rose 4.1 percent to 1.52 million existing homes available for sale, but is still 9.5 percent lower than 1.68 million units a year ago and has fallen year-on-year for 32 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace, as against 3.6 months a year ago.

First-time buyers took up 29 percent of sales in January, down from 32 percent in December 2017 and 33 percent a year ago. NAR statistics revealed that the annual share of first-time buyers was 34 percent in 2017.

All-cash sales were 22 percent of transactions in January, up from 20 percent in December 2017 but down from 23 percent a year ago. Individual investors purchased 17 percent of homes in January, up from 16 percent comparing both previous month and a year ago.

The National Association of Realtors is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries. Enditem

 

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