By Gino Blefari, President & CEO, Intero Real Estate Services, Inc.
The first monthly home sales numbers of 2014 came out late last week, giving us a peek into the year ahead. The prognosis? It’s been a harsh winter in much of the country, impacting America’s appetite for moving.
Perhaps to no one’s surprise, existing-home sales slowed down in January, falling to their lowest level in a year and a half in the National Association of Realtors’ latest report. Total sales, which include townhomes, condos and co-ops, fell 5.1% to an adjusted rate of 4.62 million in January from December, and were 5.1% below the pace seen in January 2013.
It was the slowest month since July 2012.
What’s causing the slowdown and do we need to worry?
