Us Home Sales Slide to All-Time Low in January on Rates, Prices, Maybe Weather
Pending US home sales slid to an all-time low in January as high mortgage rates, record-high home prices, and possibly the terrible weather last month hindered those seeking to buy. The National Association of Realtors said Thursday that its Pending Home Sales Index, which is an indicator of home sales based on contract signings, declined 4.6% to 70.6 last month. Despite stretches of high winds and low temperatures, sales in the Northeast rose modestly.
- High mortgage rates, record-high home prices, and weather-related factors may be a perfect storm that underscores the vulnerability of the US housing market to external shocks.
- As homebuilder stocks continue to plummet, what are the implications for small-time homeowners and renters who are struggling to find affordable options in the current market?