Home Sales: Don't Blame it on the Weather
Two reports, two sets of bad numbers from the housing market. Both new construction and existing homes sold pretty poorly in January, pushing months' supplies up and putting more downward pressure on prices.
But it was the snow I tell you!
All those record blizzards!!!
I heard that a few times this week, and it was included in the weekly report from the Mortgage Bankers about depressed mortgage applications, but the fact of the matter is, bad weather has nothing to do with the storm in housing right now.
Even the Realtors have to admit that:
"Hisorically speaking, any time there is a precipitation impact it generally leads to delayed transactions rather than cancelled transactions, so whatever sales don't show up in February, they should show up in March or April," says Lawrence Yun, NAR's chief economist.
All you have to do is look at the raw data from the Realtors to see that a) the Northeast is the smallest sales market, by volume, and b) the percentage drops in sales are nationwide.
Questions? Comments? RealtyCheck@cnbc.com