Snowstorms Hurt Housing Sales in January, Realtors Say

2 years ago

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Demand for housing slumped in January, in part due to the snowstorms that blanketed the East and areas of the Midwest, discouraging would-be buyers.

The National Association of Realtors said Thursday its index of contracts signed in January for previously occupied homes -- as opposed to new homes -- dropped 7.6 percent. An increase had been expected, but even so, the Realtors' index was still higher than a year ago. Nonetheless, the January dip was the lowest reading since last April as "abnormally severe and prolonged winter weather" hampered shopping activity, the association said.

The decline was not confined to the hard-hit Northeast. Sales agreements fell 13 percent in the West and also dropped off sharply in the Midwest, according to the trade association's Pending Home Sales Index.

Filed Under: Environment, Economy, Culture, Transportation

Tagged: dailyguidance

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