Home sales continue to fall, as the latest data shows existing home sales in the US fell again the first month of the year from the previous year. Sales dropped more than three-percent from December 2017 to January 2018, making for the second straight monthly decline in home sales.
Compare that to a year ago, though, and sales actually dropped 4.8-percent, making the biggest decline, year-over-year, in about three and a half years. While demand is said to be strong, some blame the lack of available homes for declining sales.
At the same time, though, home prices are said to be on the rise. According to the National Association of Realtors, the typical home price during the same year time period went up about 5.8-percent in January. This comes at a time when mortgage rates are up and some homeowners are reluctant to sell their existing home for fear of paying higher mortgage rates on a new property.