Home Sales Fall in January
The National Association of Realtors said that home sales in January fell to 7.7 percent compared to the previous month, making this the lowest drift in the housing industry for decades. According to experts, the slumping home sales in the country came not as a surprise since the economy is in full recession.
The National Association of Realtors (NAR) reported that home sales in January fell to 7.7 percent compared to the previous month as Americans halt buying properties amidst the global economic crisis.
According to NAR report, the sale of second-hand homes declined in January to 80.4 from December’s 87.1. With this gloomy result, initial forecast of 85.1 has failed to predict how bad the housing industry has turned out.
The NAR index also showed that Northeastern states have the lowest home sales which slumped to nearly 13 percent. This was followed by Southern states where pending home sales fell nearly 12 percent.
Meanwhile, a NAR official said that slumping sales of previously-owned houses is a direct result of low consumer confidence, massive layoffs which left the labor market trembling from its feet, and volatile economy. The official added that most people have postponed plans to buy properties as they wait for the stimulus package to reach the housing industry which may provide them some financial inducements including tax incentives and affordable housing loans.
According to economists, home sales will only recover if more affordable housing will be available and people will have stronger purchasing power.
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