Sales of existing homes unexpectedly fell in January

U.S. home sales unexpectedly fell in April amid persistent weakness in the lower-priced segment of the market, which has experienced an acute shortage of properties. The National Association of Realtors said on Tuesday existing home sales fell 0.4% to a seasonally adjusted annual rate of 5.19 million units last month.

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The home inventory story was mixed in January. Existing homes for sale actually fell 0.5%, but because of the lower sales pace that translates to an increase in supply, which rose to a 7.8-months.

Existing-home sales fell 1.2% to a seasonally adjusted annual rate of 4.94 million in January, the National Association of Realtors (NAR) reported. Sales are down 8.5% to a pace of 4.94 million from 5.4 million in January 2018.

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Purchases of previously owned homes unexpectedly fell in April, a sign the industry’s recovery remains uneven. Contract closings dropped 3.3 percent to a 5.04 million annualized rate after a 5.21 million pace that was the strongest in almost two years, figures from the National Association of Realtors showed Thursday in Washington.

January existing home sales fell 3.2 percent from December to 5.38 million units at a seasonally adjusted annual rate (SAAR), their largest monthly drop in two years. The decline was driven by a sharp drop in single-family home sales in the West – arguably the country’s most supply-constrained region – and in the Midwest.

In another blow to the housing industry, existing-home sales experienced an unexpectedly steep decline in February, dropping 9.6% to a seasonally adjusted annual rate of 4.88 million, according to.

David McNew/Getty Images Existing home sales unexpectedly fell 1 percent in December to a 4.94 million. could have been impacted by fiscal cliff concerns but could pick up in January reading:.

Contracts to purchase previously owned U.S. homes unexpectedly fell in February for an eighth. Economists consider pending home sales a leading indicator because they track contract signings.

CANADA: Retail sales unexpectedly fell by 0.5% in December, with 9 of the 11 major subsectors registering declines, including a 0.9% drop for automobiles. Excluding autos, sales retreated 0.3% as.

U.S. existing home sales unexpectedly fall Open this photo in gallery: A U.S. flag decorates a for-sale sign at a home in the Capitol Hill neighbourhood of Washington, August 21, 2012.

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