The housing market is struggling, with existing-home sales falling 4.9% in January, according to seasonally adjusted numbers. This decline comes as buyers face the challenges of high home prices and a 7% mortgage rate.
In December, homes were sold at a pace of 4.08 million per year, indicating that if this pace continued, sales would be maintained for an entire year. However, this trend is unlikely due to the current market conditions.
The ongoing low energy from buyers suggests a tough environment for home buyers and sellers in 2025, making it difficult for individuals to make informed decisions about purchasing or selling their homes.
Source: https://www.marketwatch.com/story/existing-home-sales-sag-under-weight-of-7-mortgage-rates-in-first-month-of-2025-5cd8679f