Sales of existing homes slipped 4.9% in January, but year-over-year sales were up 2% as high prices and mortgage rates keep some potential buyers on the sidelines, including first-time buyers.
Existing home sales retreated in January, the National Association of Realtors said Friday. Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – dropped 4.9% from December to a seasonally adjusted annual rate of 4.08 million in January. Year-over-year, sales gained 2% (up from 4 million in January 2024).
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