February 28, 2006 – The U.S. housing market has begun to cool, new data showed on Tuesday, as the pace of home resales slowed in January and the number of homes on the market hit a high not seen since 1998. The National Association of Realtors said sales of existing U.S. homes eased 2.8 percent in January to a 6.56 million unit annual rate, the slowest pace in nearly two years and the fifth monthly decline in a row. January’s sales rate was slightly more sluggish than economists expected. Wall Street had forecast existing home sales at a 6.6 million unit pace. December sales were revised up to a 6.75 million unit annual rate. The existing home sales figure includes both single-family houses and condos. “The housing market is certainly shifting away from a record-breaking pace,” said Lawrence Yun, senior economist for the Realtors.
Housing Market Cools, Resales Slow [Reuters]
Related:
Home Builders Say Orders Declining [MarketWatch]