How Does NWA Compare to the National Housing Market?
Home sales both Nationally and here in NWA slowed in January of 2023. Here locally, we saw a 35.9% ↓ in Sales vs January of last year and 33.2%↓ last month, December 2022.
An Article from CNN Titled...
"Home Sales Sank in January for the 12th Straight Month"
"Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — fell a whopping 36.9% in January from a year ago and were down 0.7% from December, according to a National Association of Realtors report released Tuesday.
The seasonally adjusted annualized sales pace dropped from a pace of over 6 million units a year ago to 4 million last month. The steep decline in sales activity is driven by the large increase of mortgage rates over the past year. Last year, the average rate for a fixed-rate mortgage ranged from 3.22% to 3.55% in January, according to Freddie Mac. This year, rates in January ranged from 6.13% to 6.48%..."
