Here’s what went down:
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Winter Chills The Housing Market
. Existing-home sales couldn’t exactly defeat the Snow Miser, according to a National Association of Realtors report. Looks like they got cold feet – with sales of existing single-family homes, townhomes, condominiums, and co-ops taking a 1.7 percent dip year-over-year – kinda like your New Year’s resolution to quit carbs.
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Numbers Game
. Sales slid from 4.03 million in the cozy, warm embrace of January 2023 to a seasonally adjusted annual rate of 4.00 million (not very cozy after all). Slightly jarring, like losing a sock in the laundry.
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No Break Out, Just Breakdown
. You’d think with all the merry holiday mambos and jaunty jingles, the winter slump would have been defeated by now. But, ho ho no, Sales-Santa didn’t treat them right this year.
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Not A Winter Wonderland After All
. It seems like the housing market needs a stronger dose of holiday cheer to overcome the winter blues. All we can do is hope that real estate execs take to singing “Baby, It’s Cold Outside” with more gusto, to pull them through the chilly months.
Here’s my hot take:
Conclusion
Basecamp, bundle up and double layer the socks! The housing market got Frosty the Snowman-ed this January. Adjusting the sweater collar and gripping the cocoa mug, the industry braced itself for a 1.7 percent dip in sales. Existing-home sales shrunk from 4.03 million in January 2023 to just 4.00 million – but hey, it’s not like we’re counting, right?
Truth is, these numbers are like a snowball to the face for realtors across the nation. The winter slump didn’t exactly come with a silver lining or cute little snowflakes – instead, it brought on frozen toes and a bite in the nose, courtesy of slow-selling homes.
But hey, every winter comes with a spring. Maybe next year, the real estate market will get its green thumb (or should we say, green money thumb) back and bloom once again. But until then, keep carving those ice sculptures and remember – a little bit of frost never hurt anybody! Well… unless you count the housing market, of course.
Original article: https://www.inman.com/2024/02/22/january-existing-sales-offer-mixed-signals-about-markets-future/
