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Home Sales Slump for Second Straight Month

5 years ago
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Sales of previously owned homes dropped in January for the second straight month, a trend the chief economist for the National Association of Realtors called "not encouraging."

The realty group reported sales of existing houses, townhouses, and condos were down 7.2 percent to 5.05 million last month, according to The Washington Post. December saw a record 16.2 percent decline.

Economist Lawrence Yun said Realtors are holding out hope the trend may reverse itself in spring, when more Americans are expected to take advantage of a recently renewed tax credit for first-time buyers and some current homeowners.

January's numbers, as bad as they were, marked an 11 percent improvement from a year ago.

On Wednesday, the Commerce Department reported sales of new homes fell 11.2 percent in January, a jolt to economists who expected a modest improvement from the December pace.
Filed Under: Economy

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