Sales of existing homes slipped 4.9% in January, but year-over-year sales were up 2% as high prices and mortgage rates keep some potential buyers on the sidelines, including first-time buyers.
Existing home sales retreated in January, the National Association of Realtors said Friday. Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – dropped 4.9% from December to a seasonally adjusted annual rate of 4.08 million in January. Year-over-year, sales gained 2% (up from 4 million in January 2024).
So who can afford to buy a home these days?
ReplyDeleteBlackwater.
DeleteI sold mine in january-finally. Took 10 months. It's a bad market for sellers and buyers alike.
ReplyDeleteFolks out here in the West are still trying to sell coal for the price of diamonds. I DON'T see a lot of movement. I DO see a lot of "FOR SALE" signs bleaching in the desert sun. I also see LOTS of "OPEN HOUSE" signs on the weekends. RE agents HATE this, as they actually have to WORK to talk people into buying something they can't afford. Time was, houses were sold as soon as they listed and before the signs ever went up. The "asking" prices have gone down a few grand, but given the already ASTRONOMICAL prices of houses, a few grand might as well be a few cents. It's like we're perpetually on the precipice of a housing crash, but nothing's given it that final nudge. Thing is, EVERYONE knows it's coming. The sellers and RE agents are trying like hell to unload, but the buyers are waiting things out, KNOWING the prices are going to plummet. This isn't going to end well... again...
ReplyDeleteHere in the ADKs of upstate New York real estate agents have overpriced homes during the Covid period for the average citizen. Blood sucking pigs for doing it and idiots for paying the higher prices. Most aren’t even lived in year round. Never again will the average guy be able to buy a home or his family.
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