Existing Home Sales plummeted -8.4% in January, falling to the lowest level in over a year. Although economists were forecasting only a slight decline in sales, this fall was foreshadowed by December’s extremely weak Pending Home Sales release (see Market Insight).
Should this weakness in Existing Home Sales continue and further cracks in the housing market expand, it could have a significant impact on investor psychology and broader financial markets.
A slew of housing market data is coming out next week, including the National Association of Home Builders Housing Market Index, Housing Starts, Building Permits, and Pending Home Sales. Stay tuned…
