Pending US home sales fall to new low
Güncelleme Tarihi:
The Associated Press
Oluşturulma Tarihi: Mart 05, 2009 00:00
WASHINGTON - The number of U.S. homebuyers who agreed to purchase an existing home sank to a new low in January as economic woes turned them away from the staggering housing market, the National Association of Realtors said Tuesday.
The group's seasonally adjusted index of pending sales contracts fell 7.7 percent to 80.4 in January from a downwardly revised December reading of 87.1. January's reading was far worse than the 85.1 economists expected, according to Thomson Reuters, and came in below the previous record low of 83.1 in November.
"It really does all come back to the job market," said Mike Weiss, a real estate analyst with Weiss Research, in a research note. "The latest evidence suggests we're seeing little relief on that front. Jobless claims are rising sharply and layoff announcements are coming fast and furious."
The index, which started in 2001, tracks signed contracts to buy previously owned homes. Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future home sales.
The stumbling housing market took a steep dive after last fall's dramatic stock market declines. Though sales bounced in December, they fell more than 5 percent in January, diminishing hopes that the worst of the housing recession was over. And Tuesday's report appeared to confirm that.
"It really does all come back to the job market," said Mike Weiss, a real estate analyst with Weiss Research, in a research note. "The latest evidence suggests we're seeing little relief on that front. Jobless claims are rising sharply and layoff announcements are coming fast and furious."
The index, which started in 2001, tracks signed contracts to buy previously owned homes. Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future home sales.
The stumbling housing market took a steep dive after last fall's dramatic stock market declines. Though sales bounced in December, they fell more than 5 percent in January, diminishing hopes that the worst of the housing recession was over. And Tuesday's report appeared to confirm that.