US home sales declined in January for the 12th consecutive month
That’s the longest streak of declining home sales on record, going back to 1999, and also marks the weakest sales activity since 2010. It’s the continuation of a slowing trend that began in February 2022. Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — were down a whopping 36.9% in January from a year ago and down 0.7% from December, according to a National Association of Realtors report released Tuesday.
“Prices vary depending on a market’s affordability, with lower-priced regions witnessing modest growth and more expensive regions experiencing declines.” Even as home sales dropped, home prices continued to climb last month nationally. The median home price was $359,000 in January, up 1.3% from one year ago, according to the report. But that’s down from the record high of $413,800 in June. The price increase marks more than a decade of year-over-year monthly gains.
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