💡DID YOU KNOW? Existing-home sales ran at a 4.94 million seasonally-adjusted annual rate in January, lower – by 1.2% – than the 3-year low they hit in December. They were 8.5% lower than a year ago. Inventory is a major cause: at the current pace of sales, it would take 3.9 months to exhaust the available supply. First-time buyers made up only 29% of all transactions during the month, well below their long-term average 40% share, speaking again to affordability. Sales increased by 2.9% in the Northeast, but down 2.5% in the Midwest, 1.0% in the South, and 2.9% in the West. (Marketwatch)
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