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Sales of existing homes in the U.S. fell 1.2% in January compared with the previous month. But as price growth slows and mortgage rates remain lower, buying a home could become more affordable for many over the next few months.
January marked the third month in a row that existing home sales fell, according to the latest monthly report from the National Association of Realtors.
While falling home sales have been tough on some sellers over the past year, there are signs that the next few months could make homes more affordable to many people, according to a report from The Wall Street Journal.
Declining home sales is likely a factor contributing to the slower growth in home prices. Meanwhile, mortgage rates remain relatively low. These factors could help prospective homebuyers enter the market and buy their first home.
Lawrence Yun, chief economist for the National Association of Realtors, agrees. In the group’s latest home sales report, he said, “Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”
About the author: Paris Ward is a content strategist at Credit Karma, providing readers with the latest news that will aid their financial progress. She has more than a decade of experience as a writer and editor and holds a bachelor’s… Read more.
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