Economists polled by Reuters had forecast existing home sales falling 1.8% to a rate of 5.43 million units in January. Last month, existing home sales were unchanged in the Northeast and rose in the Midwest and the populous South. But sales tumbled in the West, the country’s most expensive region.
The government reported on Wednesday that permits for future home construction jumped 9.2% in January to the highest level since March 2007. The inventory of homes under construction in January was the highest since February 2007.The housing market is being boosted by the lowest mortgage rates in more than three years and could help to keep the economic expansion, now in its 11th year, on course, amid risks from the coronavirus, slowing consumer spending and weak business investment.
According to the NAR, there was a 4.1% drop from a year earlier in sales of houses priced $100,000 and below.There were 1.42 million previously owned homes on the market in January, down 10.7% from a year ago. That was the lowest January inventory since 1999. The median existing house price increased 6.8% from a year ago to $266,300 in January.
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