Home Sales Fall in January as Prices Rise
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iStock/Thinkstock(CHICAGO) — Americans found it tougher to buy a house in January because prices are going up.
The National Association of Realtors said Monday that sales of existing homes fell 4.9 percent from December to a 4.82 million annualized rate, the lowest figure in nine months.
The median cost of homes last month was 6.2 percent higher than in January 2014.
There is a positive aspect to the situation because while some younger and first-time home buyers are being priced out of the market due to stagnant wages, it also means that homeowners’ property is more valuable.
The National Association of Realtors predicts demand for homes will continue throughout 2015, thanks to an improved job market, low mortgage rates and easier financing.
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