January Home Sales Up. Yet It’s Too Early to Celebrate.
Despite the cold temperatures, information provided by the U.S. Census Bureau reveals that in January home sales got to a level never recorded in the last 5 years. At the same home prices fell to the point where they were in August last year.
While the posted data shows a 9.6% increase, it comes with a large margin of error, so “on a three-month rolling average, sales rose just 1.2% in January.” This comes as a surpise in light of the fact that 2013 saw an increase in both mortgage rates and home prices.
Not all news is good, however. New home construction took a dip in January and existing home sales dropped to mid-2012 levels. But undoubtedly the wors news is that “mortgage applications are at a 20-year low.”
Experts think it’s unrealistic to explain the whole situation with the weather conditions.
Read the full story in HousingWire.