National Association of Realtors Existing Home Sales Report

NAR: Existing-Home Sales Fell in January
Existing-home sales declined in January with some buyers waiting to see how details of the economic stimulus package would affect them, according to the NATIONAL ASSOCIATION OF REALTORS®. At the same time, inventories fell to a two-year low.

Existing-home sales, including single-family, townhomes, condominiums, and co-ops, fell 5.3 percent to a seasonally adjusted annual rate of 4.49 million units in January from a level of 4.74 million units in December, and are 8.6 percent lower than the 4.91 million-unit pace in January 2008.

Lawrence Yun, NAR chief economist, said there was understandable hesitation by some home buyers. "Given so much stimulus package discussion in January, some would-be buyers simply sat out for clarity and certainty on the nature of housing stimulus," he said. "The housing market will soon get a lift from very favorable buying conditions-not only from improved affordability, but also from the stimulus of an $8,000 first-time home buyer tax credit, and higher conforming loan limits that will allow more people to tap into 50-year low mortgage rates."

NAR estimates the impact of the stimulus package.........

Click to see the entire Current National Association of Realtors Existing Home Sales Report.

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