Existing-home sales down for the second consecutive month in January

Sales of US homes fall year over year by most in 3

The median existing-home price for all types of housing in January was $240,500, up 5.8% from January 2017's figure of $227,300.

For the second consecutive month, existing U.S. home sales were lower in January. "Prices are going up, there are fierce battles and all these homes are going for more than the asking price", said Alex Villacorta, executive vice president of HouseCanary, a housing data and analytics startup. It's the 71st straight month of year-over-year gains.

The total supply of homes for sale fell to 1.52 million last month, the fewest for any January since records began in 1999. The amount of inventory has fallen year-over-year for 32 consecutive months. At January's sales pace, it would take 3.4 months to exhaust the current inventory.

Total existing home sales in the US sank 3.2 percent in January to a seasonally adjusted annual rate of 5.38 million from a revised 5.56 million in December 2017, according to a press release issued by the National Association of Realtors (NAR) on Wednesday.

Why Mikaela Shiffrin brought 35 pairs of skis to the Olympics
Shiffrin finished 16th in Monday's downhill training run at the Jeongseon Alpine Center. I'm proud to have competed for my country, I'm proud to have given it my all".

"It's very clear that too many markets right now are becoming less affordable and desperately need more new listings to calm the speedy price growth", Lawrence Yun, chief economist for the national Realtors, said in a news release.

"Another month of solid price gains underlines this ongoing trend of strong demand and weak supply", Yun said.

Properties averaged about 42 days on the market in January, down from 50 days a year ago, but up from December 2017's 40-day average. The average rate for previous year was 3.99 percent. There now is a 3.4-month supply of inventory compared to January 2017's 3.6 months.

Analysts say the housing market is exceedingly tight, with a decade of economic recovery and a recent uptick in wages producing strong demand, that coupled with scarce labor in construction and rising input costs, is holding back the pace of construction.

Mueller's Russia Indictments: Covering Up for the Deep State?
US intelligence services say that Russian Federation interfered with the 2016 presidential election . Perhaps evidence of collusion between Trump officials and Russian Federation will still emerge.

News Corp, owner of The Wall Street Journal, also operates Realtor.com under license from the National Association of Realtors.

"However, there's hope that the tide is finally turning", added Yun. A separate report on January sales of new homes is due out Monday. "These two factors will hopefully lay the foundation for the building industry to meaningfully ramp up production as this year progresses".

But limited inventory on the market is driving up home prices at a rapid pace, potentially blocking some would-be buyers. Of homes sold in January, 43 percent were on the market for under a month. January's sales rate of 5.38 million is the slowest since September. All told, 43 percent of homes sold were on the market for less than one month.

'Dozens' of Russians hurt in Syria attack, says ministry
The U.S. has estimated about 100 pro-Syrian government forces were killed by U.S. strikes to repel the February 7 attack. The coalition warned the Russian military and proceeded to strike the formation, killing up to 100 people.

Related News:

  • Willian confident of Champions League progress despite Messi magic

    Willian confident of Champions League progress despite Messi magic

    Nevertheless, Willian saw enough in Chelsea's performance at Stamford Bridge to suggest they can upset the odds in the second leg. At the same time I think this game must give us a lot of confidence to trust that in the second leg the qualification is open.
    Android P will prevent idle apps from recording using device's microphone

    Android P will prevent idle apps from recording using device's microphone

    It may stick around "for a few months", which is how long Google reckons it will take to fold P2P payments into Google Pay . If you're unsure about what Google Pay is and how you can use it, here is a quick guide that takes you through the basics.
    State's new congressional map could boost Democrats

    State's new congressional map could boost Democrats

    When justices first declared the previous map unconstitutional on January 22, they ordered the GOP-controlled legislature and Gov. As before, there are 18 congressional districts in the state - but the numbers and shapes of those districts are very different.
  • Hands in Flag Show 6 States and Star Denotes People, Says Haasan

    Hands in Flag Show 6 States and Star Denotes People, Says Haasan

    BJP Tamil Nadu unit chief Tamilisai Soundararajan said Kamal Haasan may make it to the headlines but "could not become a leader". Kamal Haasan also quoted APJ Kalam saying he meant to begin his political career with the former President's vision.
    'Attack' on chief secy rocks Delhi

    'Attack' on chief secy rocks Delhi

    The statement reads, "The CM's advisor called again at 11:20pm to check if I had left my residence". First time we saw a chief secretary being assaulted on the directions of a CM.
    Voting begins for 59 seats

    Voting begins for 59 seats

    The polling is taking place across 3,214 polling stations, out of which 49 are being managed by women only. Other Left leaders like Sitaram Yechury and Brinda Karat lent support to the party's campaign.
  • Moto G6 Plus Cases Leak, Along With Phone Renders

    Moto G6 Plus Cases Leak, Along With Phone Renders

    In another report , the serial leakster, Evan Blass has also tweeted that the codenames for the upcoming Moto G-series phones. The device comes with a 4,000 mAh of battery capacity. 1801 points in multi-core performance and 472 in the single-core.
    UP Investors Summit 2018: PM Modi points out '4Ps' to progress

    UP Investors Summit 2018: PM Modi points out '4Ps' to progress

    Aditya Birla group will invest about Rs25,000 crore in the state across sectors over the next five years, he said. Chandrasekaran, Kumar Mangalam Birla and Shobana Kamineni will also speak during different sessions.
    Flu Cases Rising in Texas Panhandle

    Flu Cases Rising in Texas Panhandle

    Health Department spokesman John Ricci says it is not too late to get vaccinated if you haven't received the flu vaccine yet. According to doctors at Public Health Ontario, the vaccine may protect people from having heart attacks.
  • Large meta-study concludes antidepressants are more effective than a placebo

    Large meta-study concludes antidepressants are more effective than a placebo

    With one exception, clomipramine, all of the drugs tested in the trials were found to be more effective than a placebo. Globally, more than 300 million people of all ages suffer from depression, according to the World Health Organization.
    Thai court hands surrogate kids to Japanese father

    Thai court hands surrogate kids to Japanese father

    Shigeta, who has kept an extremely low profile, did not attend the court's sessions and had a lawyer represent him. Shigeta had asked the court to grant him sole custody and produced evidence to support his financial credentials.
    Apple Releases iOS 11.2.6 To Fix Telugu Character Bug

    Apple Releases iOS 11.2.6 To Fix Telugu Character Bug

    According to The Verge , this also happens with third-party apps like Facebook Messenger, WhatsApp, Gmail, and Outlook for iOS. It seems that macOS versions before 10.13.3 aren't affected, so if you're running an older OS, no worries.


Most liked

Armed sheriff's deputy stayed outside Florida school while massacre took place
Broward County Sheriff Scott Israel announced the resignation of Deputy Scot Peterson at a press conference Thursday evening. However, Broward County Vice Mayor Mark Bogen called the visit hypocritical due to his stance on gun availability.

Abbas to focus on Jerusalem in speech to UN Security Council
Haley disagreed, saying the Trump administration was offering "an outstretched hand" to the Palestinian people and their leaders. Ambassador Danny Danon fired back, calling Abbas a coward who was "part of the problem" rather than part of the solution.

US Embassy in Montenegro Warns About 'Active Security Situation'
The police said that the device was "most likely a hand grenade " and that they were trying to ascertain the attacker's identity. They said Montenegrin police and the Federal Bureau of Investigation are checking Jaukovic's accounts on social networks.

Barclays post 10 per cent rise in pre-tax profits
Barclays, along with HSBC, voted in favour of lending more money to Carillion just days before it collapsed. Part of his strategy has been to cut costs by shutting bank branches and cutting thousands of jobs.

Apple buys cobalt to secure long-term battery supplies
Though, with interest in cobalt surging to great numbers, the money suppliers are asking for cobalt has dramatically risen too. Apple is reportedly holding conversations with the cobalt miners for securing long-term supplies, according to Bloomberg .

Maduro: Venezuela raised $735mn on launch of oil-backed 'petro' cryptocurrency
Though the Petro's value is tied to crude oil, it doesn't actually translate to ownership of any concrete assets. The opposition-controlled National Assembly has opposed the idea of the petro, labelling it illegal.

United Kingdom unemployment rises for first time in two years, says ONS
At the same time while earnings have continued to grow more slowly than prices, new figures reveal. Average earnings increased by 2.5% in the year to December, unchanged from the previous month.

Pro Assad Government Forces Entered Syria's Afrin As Reinforcement
However, Istanbul has denied that pro-Assad forces in Afrin are working in coordination with Damascus. Unfortunately, terrorist groups like these sometimes make missteps according to their own decisions.

What Auburn Rite Aid customers can expect as Walgreens, Albertsons take over
Albertsons shares are expected to trade on the New York Stock Exchange under a yet-to-be-announced ticker symbol. As competition heats up with e-retailers such as Amazon , store experiences become more important .

Welsh hooker Ken Owens says coach Warren Gatland gets a raw deal
Providing a boost to that end is the return of Liam Williams , Leigh Halfpenny and Dan Biggar to the back-line. The Ireland team is expected to be named on Thursday afternoon. "We know plenty about them".

15 books you need to read after seeing Black Panther
The buzz behind Black Panther was strong but that didn't means its massive opening weekend was any less impressive. It's actually now highest grossing film ever released in February and it's winning in other areas, too.

American Airlines agent saves two teenage girls from man.
The deputies said they made contact with "Drey" on social media but he quickly deleted all of his accounts soon after. Miracle noticed the ticket from Sacramento to NY was purchased online and the credit card had a different name.

Ice dancing silver and bronze winners aren't impressed
Hours before they took stepped on the ice Tuesday, fans took to Twitter lamenting a career that, for them, was ending too soon. This was the third Olympic Games for Moir and Virtue. "I wish I could have that moment back", they told reporters afterward.

Chrissy Teigen will give birth to her second child in June
She talked about how her and soon to be royal Meghan Markle were both Deal or No Deal "suitcase girls" at the same time. Ellen made up a game, " You Don't Know Jack About John " and Teigen only got four of the nine questions right.

World Health Organization warns of soaring rates of measles in Europe
When unvaccinated children contract measles it spreads to babies that aren't old enough to get their vaccines. Patients with measles have symptoms such as fever, cough and runny nose at the onset, according to the CDC .