WASHINGTON (Sputnik) — US citizens don't show interest in selling their homes as US existing-home sales fell to their lowest rate in nine months, according to the statement from the National Association of Realtors (NAR).
“Existing-home sales declined in January to their lowest rate in nine months, but the pace was higher than a year ago for the fourth straight months,” Monday's statement said.
More Americans kept their hands onto their properties as total existing-home sales, completed transactions including single-family homes, townhomes, condominiums, and co-ops, decreased 4.9 percent to a seasonally adjusted rate of 4.82 million in January, the statement said. This was the lowest time period that people kept a hold onto their properties since April of last year at 4.75 million, the statement added.
NAR Chief Economist Lawrence Yun said in a statement this was due to seasonal influences and a low supply of houses on the market currently.
“January housing data can be volatile because of seasonal influences, but low housing supply and the ongoing rise in home prices above the pace of inflation appeared to slow sales despite interest rates remaining near historic lows,” Yun said.
In US North-East states existing-home sales in that region fell 6 percent to an annual rate of 630,000 while 3.3 percent above a year ago, the statement said. American Westerners were the next who were uninterested in losing their homes, with existing-home sales falling 7.1 percent to an annual rate of 1.04 million in January while 1 percent above a year ago, the statement added.
US Southerners and Midwesterners were those closer to wanting to sell their homes, with a 4.6 percent decrease to an annual rate of 2.07 million in January, a 5.6 percent increase above a year ago, and a 2.7 percent fall to 1.08 million rate in January while 0.9 percent higher than last year, respectively, according to the statement.
NAR is a US trade association involved in all aspects of the residential and commercial real estate industries.