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US existing-home sales ease in January with steady mortgage rates
Posted on February 26, 2024 |
In January, new listings fell by 1.2% compared to the previous month, marking the first drop since June 2023.
Listings grew by 2.7% year-over-year, but this growth slowed down from December's 4.2%.
Active listings, representing total homes for sale, decreased by 0.3% from the previous month, the first decline in six months, and down by 4.4% compared to the previous year.
The housing market slowdown in January was primarily due to stagnant mortgage rates, remaining at 6.6% throughout the month.
Many homeowners are hesitant to sell because their current mortgage rates are lower than the prevailing rates, making them reluctant to take on higher rates.
In January, the median US home sale price increased by 5.2% year-over-year to $402,343, marking the largest increase since September 2022, with minimal change from the previous month.