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Cooling U.S. Home Sales Only Partly Due to Weather

Sales of previously owned U.S. homes dropped in January to the lowest level in more than a year as harsh winter weather combined with a lack of supply, strict lending rules and declining affordability to depress demand.

Purchases decreased 5.1 percent to a 4.62 million annual rate last month, the fewest since July 2012, figures from the National Association of Realtors showed today in Washington. Sales fell in all four regions of the country, indicating unusually frigid temperatures were only partly to blame.

via Cooling U.S. Home Sales Only Partly Due to Weather: Economy – Bloomberg.

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