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Home sales unexpectedly fall in January

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Upcoming home sales in the United States decreased more than expected on a monthly basis in January. It was shown on Thursday by figures from brokerage organization NAR.

The index for upcoming home sales fell 2.8 percent to 122.8, after a small decline in December. The forecast was for a decrease of 0.5 percent in January.

Sales have been falling for five months in a row, after a remarkable increase in August. On an annual basis, there was an increase of 13 percent.

According to economist Lawrence Yun van NAR, there are simply too few properties to meet market demand.

The index for upcoming house sales is based on signed contracts for the purchase of existing single-family homes, apartments and housing groups, but where the transaction has not yet been completed. After signing the contract, it usually takes another to one and a half months before the sale is actually completed.




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