Categories: Market Overview

Still searching for the bottom in US home sales

US existing home sales fell by 0.7% to 4.0 million in January. Although this is a nominal decline, it was the 12th consecutive month of falling sales. Sales fell below the pandemic low and were the lowest since October 2010, a period of the severe mortgage crisis.

The likely reasons for this are the previous excess sales, which were boosted by generous government support programs and the Fed’s ultra-low interest rates. Another factor putting pressure on the markets is prices: the median sales price in January 2023 was 359k, compared with 354.3k a year ago, but 28% higher than in March 2020.

The housing sector often acts as a leading indicator for the economy. It now points to a declining consumer confidence that could spread further across the economy. This impact promises to intensify as house prices fall.

The FxPro Analyst Team

The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

Share
Published by
The FxPro Analyst Team

Recent Posts

Nasdaq 100 Wave Analysis 23 December 2024

- Nasdaq 100 reversed from strong support level 21000.00 - Likely to rise to resistance…

2 days ago

USDJPY Wave Analysis 23 December 2024

- USDJPY reversed from key support level 156.35 - Likely to rise to resistance level…

2 days ago

US indices: has the bullish trend broken?

The recent declines in US indices may have broken the bullish trend, indicated by technical…

2 days ago

Dollar: Slowing Momentum, Same Direction

The dollar has paused its strengthening, as weaker-than-expected inflation data reduces fear of future Fed…

2 days ago

Bitcoin Fell Back to Local Support

Bitcoin finds support near the 50-day moving average, but further declines in the stock market…

2 days ago

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

5 days ago

This website uses cookies