US existing home sales dip in January, but NAR sees cycle low
Existing home sales in the States dipped at the start of 2019, plumbing their lowest level since November 2015, although some economists believed that a cycle low might now be in place.
According to the National Association of Realtors, sales of existing homes slipped at a month-on-month clip of 1.2% in January, hitting an annualised pace of 4.9m (consensus: 5.0m), while versus a year ago they were down by 8.5%.
However, for NAR chief economist Lawrence Yun, last month was likely to have marked the cycle low.
"Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months," Yun said.
Median home prices on the other hand did increase by 2.8% versus December, to reach $240,800, marking the 83rd consecutive monthly rise, the NAR said in a statement.
In parallel, the stock of homes available for sale grew from December's 1.53m and the year ago level of 1.52m to 1.59m.
That represented 3.9 months' worth of sales, which was up from 3.7 months at the end of 2018 and 3.4 months in December 2018.