Bad weather isn’t to blame for icy housing figures: economists

TRD NEW YORK /
Feb.February 23, 2014 03:00 PM

 January saw harsh snowstorms, extreme temperatures across the U.S. and a drop in sales of previously owned homes to the lowest level in more than a year. Some have speculated that the bad weather was to blame, but economists say that it was only partially guilty.

Existing home purchases decreased 5.1 percent to a 4.62 million annual rate last month, the fewest since July 2012, according to the National Association of Realtors. 

“The weather played some role, but just as much of a role was played by lower inventories, higher mortgage rates, slightly higher prices and tighter credit,” Robert Rosener, an economist at Credit Agricole CIB in New York, who correctly projected the drop in sales, told Bloomberg News. “We’re on a positive trajectory, and when the spring comes we should see a bounce back.”

Bloomberg News surveyed 79 economists and the median forecast projected that sales would drop to a 4.67 million rate, with estimates ranging from a 4.5 million pace to 4.9 million. [Bloomberg News]Christopher Cameron


Related Articles

arrow_forward_ios
From left: 8 East 75th Street, 92 Laight Street, 443 Greenwich Street, 111 Murray Street and 23 Perry Street (Credit: StreetEasy and Bone Levine)

Sackler and Streep: The five priciest NYC home sales last month

(Credit: iStock)

US homeownership rate rises to highest level in 6 years

Home prices are on the rise, and homeowners are opting to stay in their homes longer (Credit: iStock)

Home prices accelerate nationally as owners stay longer

Realogy CEO Ryan Schneider (Credit: iStock)

Realogy’s plan to stop the iBuyers from gaining a foothold in Chicago

136 Clinton Avenue (Credit: iStock)

How to sell a haunted listing

South Florida dodged a bullet with Hurricane Dorian. Here’s what that means for the resi market

South Florida dodged a bullet with Hurricane Dorian. Here’s what that means for the resi market

Gary Keller of Keller Williams (Credit: iStock and Wikipedia)

Here’s how much it will cost you to sell your home on an iBuying site

Bringing some sunshine to South Florida’s opaque resi report outlook

Bringing some sunshine to South Florida’s opaque resi report outlook

arrow_forward_ios
Loading...