After a strong rebound through much of 2013, home sales are now stalling. Signed contracts to buy existing homes in December dropped a far larger-than-expected 8.7 percent month to month, and sales are down almost the same from December of 2012, according to the National Association of Realtors.
This is the lowest pace since October of 2011, after the expiration of the homebuyer tax credit.
"Unusually disruptive weather across large stretches of the country in December forced people indoors and prevented some buyers from looking at homes or making offers," said Lawrence Yun, chief economist for the Realtors in a release.
January has been no better so far, especially in the South, where sales are usually stronger in the winter, thanks to milder weather.