Per CNBC
US home sales were down by 36.9% YOY in January, reaching their 12th consistent monthly decline
2/27/2023
US home sales reportedly dropped by 36.9% in January year-over-year after the 12th consistent month of the decline in sales for the US homes market. This resulted in a new all-time low in over 12 years.
The National Association of Realtors shared how there could be a detail that could help improve affordability which was since 2012, the market had its smallest annual price increase. This could potentially improve affordability; however, buyers still struggle with high rates, which remain up despite slightly dropping.
Existing home sales dropped to just 4 million units in January, which was its lowest level since October 2010. The market saw its 12th consistent monthly decline, the longest streak since 1999, with sales falling in the Northeast and Midwest.
Lawrence Yun, the NAR chief economist, shared a statement on how buyers are starting to have more negotiating power. He also shared how to spot homes that were sitting 10% less than their original listing.
Yun: “Buyers are beginning to have better negotiating power... Homes sitting on the market for more than 60 days can be purchased for around 10% less than the original list price.”
It was noted that although the market saw a 2.1% increase in homes owned from December and 15.3% from a year ago, this was because many homes remained in the market for a longer period.
The news came as an update for an earlier report that saw home sales reaching their lowest pace since November 2010, dropping for 11 months in a row. Sales of previously owned homes reportedly dropped by 1.5% in December 2022, while the total annual sales were down by 17.8% compared to 2021 numbers.
Ian Shepherdson, the chief economist with Pantheon Macroeconomics and a person that predicted the housing bubble, shared that he predicts US housing prices to drop by as high as 20% in 2024.
See flow at unusualwhales.com/flow.
Other News:
- Home Sales Reach Lowest Pace Since Nov 2010, Dropping for the 11th Month in a Row in Dec
- U.S. home prices could fall as much as 20% next year
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