US home sales plummet, adding to fears of 2019 slowdown

The 10% drop in December ended a year that was weakest for existing home sales since 2015

TRD NATIONAL /
Jan.January 22, 2019 01:00 PM

Home sales fell in December

The number of homes sold dropped sharply in December, raising fears that 2019 will be marked by a continued slowdown in the U.S. housing market.

Sales of existing homes dropped 10.3 percent last month compared to the same time in 2017, and 6.4 percent from November, according to a report from the National Association of Realtors, cited in the Wall Street Journal. Many markets saw double-digit declines in existing home sales, including much of California, Seattle, Denver, Maryland, Delaware and Philadelphia, according to the report.

Last month wrapped up the weakest year for home sales since 2015. The market slowed particularly in the second half of the year amid rising interest rates and a greater uncertainty about the stock market and economy at large.

In Chicago, home sales in December fell 16.5 percent year over year, ending a 2018 that saw overall sales drop 3.7 percent and home prices rise 3.2 percent.

December also saw price growth slow, as sellers cut their asks in hopes of getting reluctant buyers to bite. Prices grew 1.2 percent in December, a six-year low, according to Redfin. It predicted the cooling off from the second half of 2018 will continue into this year, with housing inventory rising and price growth continuing to pull back.

Fewer people think now is a good time to buy a home than at any time at least in the past three years, according to a recent survey by the Realtors association. [WSJ]John O’Brien


Related Articles

arrow_forward_ios
Tower of power: a look at who’s buying at No. 9 Walton

Tower of power: a look at who’s buying at No. 9 Walton

Tower of power: a look at who’s buying at No. 9 Walton
(Credit: iStock)

Chicago-area home values saw poor start to 2020

Chicago-area home values saw poor start to 2020
Mayor Lori Lightfoot (Credit: Getty Images)

Chicagoans flee to their second homes

Chicagoans flee to their second homes
854 W. Webster Ave. (Credit: Redfin)

Here are the priciest resi sales in Chicago this week

Here are the priciest resi sales in Chicago this week
From left: Lendlease CEO Steve McCann, and Magellan CEO David Carlins, with a rendering of the Cirrus and Cascade projects (Credit: Lendlease/Magellan/bKL Architecture via Curbed)

Lendlease, Magellan land $283M in construction financing for resi towers project

Lendlease, Magellan land $283M in construction financing for resi towers project
(Credit: iStock)

Chicago is No. 3 city for single women to buy a home: study

Chicago is No. 3 city for single women to buy a home: study
924 N. Clark Street and owner of the mansion, Rishi Shah

Revealed: What accused fraudster Rishi Shah paid for one of Chicago’s grandest mansions

Revealed: What accused fraudster Rishi Shah paid for one of Chicago’s grandest mansions
Wolf Point East at 313 W. Wolf Point Plaza and Nema Chicago at 1210 South Indiana Avenue (Credit: Hines, Nema Chicago)

Over 10K new apartments could flood Downtown Chicago by 2022. But there’s a catch

Over 10K new apartments could flood Downtown Chicago by 2022. But there’s a catch
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...