Seems the economy is growing beyond expectations even with a decline in home sales. So what happened to real estate being the engine that was driving the economy? I guess everyone cashed out and is spending their profits elsewhere.
…Data from the National Association of Realtors showed sales of existing homes fell for a fifth consecutive month in January as the once-sizzling housing market cooled further.
Even with the slowdown in sales, home prices held steady. The median price in January — half cost more, half less — was $211,000, unchanged from December.
Not here in NJ; we’re atleast double that price.
Sales of both existing and new homes set records for a fifth year in 2005, but analysts believe sales of existing homes will fall about 5% this year as rising interest rates cut into demand.
Both declines were bigger than expected and occurred even though the weather in January was the mildest in more than 100 years.
Yes, we have to blame someone for the slowdown, so let’s blame those interest rates. Obviously we can’t blame the weather in January because it was the mildest in 100 years.