The National Association of Realtors® (NAR) reports that existing-home sales fell in January but are above year-ago levels.

NAR chief economist Lawrence Yun said there is still some delay between shopping and closing that affected current sales. "Most of the completed deals in January were based on contracts in November and December. People who got into the market after the home buyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales," he said. "Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery."

Read more in the press release.

Posted in MBI Headlines

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