United States Existing Home Sales

Existing home sales in the US sank by 4.9% to a seasonally adjusted annualized rate of 4.08 million in January of 2025, the sharpest decline in seven months, and missing market expectations of 4.12 million. "Mortgage rates have refused to budge for several months despite multiple rounds of short-term interest rate cuts by the Federal Reserve. When combined with elevated home prices, housing affordability remains a major challenge." The median price for existing home sales inched 1.9% lower from the previous month to $396,000. In the meantime, inventory of unsold housing grew to 3.9 months of supply at the current sales pace from 3.7 months of supply in December. From the previous year, existing home sales were 2% higher