Wall Street Hedge

Wednesday, January 20, 2021
Log in
  • Home
  • Nation & Politics
  • Financial News
  • Technology & Research
  • Lifestyle & Health
    • Latest News
      • Business
      • Nature
      • Science
      • World
      • VA Hospitals Are Still Under Investigation for Suspected Drug Thefts

US existing home sales drop 4.9 percent to hit nine-month low in January

By Leave a Comment

shutterstock_121614988-1

The sales of existing homes in the United States dropped sharply in January to the lowest level in nine months after getting hit by the shortage of properties on the market.

The poor existing home sales report could devastate the expectations for an accelerated growth in the housing activity in the country this year.

The report of National Association of Realtors, which was released on Monday, showed the existing home sales tumbled 4.9 percent to an annual rate of 4.82 million units. The figure recorded for January is the lowest level since April 2014.

The sales pace of December was revised up to 5.07 million units from the earlier reported 5.04 million units. However, the revisions to sales data moving back to 2012 were minimal. Last month, the sales dropped despite a slump in mortgage rates that witnessed the 30-year rate hitting a low of 20 months.

The tighter inventories are severely affecting the sales by restricting the selection of houses that are available in the market for the potential buyers. Moreover, the dearth of supply has also kept the house prices elevated, extending a helping hand to sideline the first-time buyers from the housing market.

Several economists had made forecast that the existing home sales in the United States would drop only to a 4.97-million unit pace in January. The sales gained 3.2 percent from a year ago.

In January, the inventory of homes on the market that were not sold dropped 0.5 percent to 1.87 million from last year.

According to the economists, the inadequate equity and the uncertainty about the strengths of the American economy were the major drivers that have forced the potential sellers to stay in their homes.

 

Share this:

  • Tweet
  • Share on Tumblr

Filed Under: Financial News Tagged With: National Association of Realtors, US economy, US existing home, US existing home sales, US existing home sales in January, US homes, US housing market, US housing sector

Leave a Reply Cancel reply

You must be logged in to post a comment.

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 15 other subscribers

Recent Articles

AXA building in Wiesbaden, Germany.

Insurer AXA To Buy XL Group For $15 Billion

By Leave a Comment

New York Stock Exchange on Wall Street.

Wall Street Comes Out Intact As Global Stock Rise

By Leave a Comment

Ryanair profits are up despite threats of pilot strike.

Ryanair Profits Are Up But A New Pilot Strike May Be Around The Corner

By Leave a Comment

Bitcoin bubble may burst, analysts speculate.

Bitcoin Bubble Shows Signs Of Bursting

By Leave a Comment

One percent amassed 82 percent of the world's fortune last year.

82 Percent Of The World’s Wealth Went To The One Percent In 2017, According To Oxfam Report (Report)

By Leave a Comment

Morgan Stanley will be hit with a $1.25 billion charge as part of the new Republican tax cut.

Morgan Stanley To Be Hit With $1.25 Billion Charge From Republican Tax Reform

By Leave a Comment

General Electric Laboratory

High Demand For Renewable Forces General Electric To Slash 12 Thousand Jobs Worldwide

By Leave a Comment

Cryptocurrency bitcoin coins

Cryptocurrency Is Worth More Than JPMorgan, Bitcoin Raises Concerns

By Leave a Comment

Computer circuit board

Chipmaker Company, Marvell Technology, to Buy its Rival Cavium in $6 billion Deal

By Leave a Comment

Thanksgiving dinner

Thanksgiving Dinner Will Cost Less This Year as Food Gets Cheaper

By Leave a Comment

Doctors in surgery

Vermont Is Preparing New Health Care System

By Leave a Comment

Saudi Arabia’s capital city Riyadh

Saudi Arabia Has Just Bought Huge Stake in Uber

By Leave a Comment

No Agreement Yet on the Trans-Pacific Partnership

By Leave a Comment

Samsung Shareholders Approve Deal Which Sees Lee Family Gain More Control

By Leave a Comment

Related Articles

  • AXA building in Wiesbaden, Germany.

    Insurer AXA To Buy XL Group For $15 Billion

  • New York Stock Exchange on Wall Street.

    Wall Street Comes Out Intact As Global Stock Rise

  • Ryanair profits are up despite threats of pilot strike.

    Ryanair Profits Are Up But A New Pilot Strike May Be Around The Corner

  • Bitcoin bubble may burst, analysts speculate.

    Bitcoin Bubble Shows Signs Of Bursting

  • One percent amassed 82 percent of the world's fortune last year.

    82 Percent Of The World’s Wealth Went To The One Percent In 2017, According To Oxfam Report (Report)

  • Morgan Stanley will be hit with a $1.25 billion charge as part of the new Republican tax cut.

    Morgan Stanley To Be Hit With $1.25 Billion Charge From Republican Tax Reform

  • General Electric Laboratory

    High Demand For Renewable Forces General Electric To Slash 12 Thousand Jobs Worldwide

  • Cryptocurrency bitcoin coins

    Cryptocurrency Is Worth More Than JPMorgan, Bitcoin Raises Concerns

  • Computer circuit board

    Chipmaker Company, Marvell Technology, to Buy its Rival Cavium in $6 billion Deal

  • Thanksgiving dinner

    Thanksgiving Dinner Will Cost Less This Year as Food Gets Cheaper

Categories

  • Business
  • Entertainment
  • Financial News
  • Lifestyle & Health
  • Nation & Politics
  • National News
  • Nature
  • Science
  • Technology & Research
  • World

Copyright © 2021 WallStreetHedge.com

About · Privacy Policy · Terms of Use · Contact

This website uses cookies to ensure you get the best experience on our website. Learn more.