Realtors say sales fell 5.3% in January, believing would-be buyers delayed purchases due to stimulus talk.
By Ben Rooney, CNNMoney.com staff writer
NEW YORK (CNNMoney.com) -- Sales of existing homes fell in January to their lowest levels in nearly 12 years, with a real estate group saying buyers delayed purchases in anticipation of government programs to boost the housing market.
The National Association of Realtors said Wednesday that existing home sales dropped 5.3% last month, to a seasonally adjusted annual rate of 4.49 million units from a rate of 4.74 million in December.
January sales were the lowest since July 1997, and were far below the consensus estimate of 4.79 million units, according to a survey of economists compiled by Briefing.com.
The decline comes as some buyers forgo purchases in anticipation of government stimulus efforts aimed at boosting home ownership, according to the NAR.
Have we hit rock bottom in the real estate market?!
-
Have we hit rock bottom in our real estate market? If you could see what I
see right now, you might think so. Right now there is a severe shortage of
hom...
15 years ago
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