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The Weather Caused a ‘Cooling’ January Market!

March 6, 2007

Pending home sales declined 4.1 percent in January following a strong upturn in December because of unfavorable weather patterns, according to the NATIONAL ASSOCIATION OF REALTORS®. Aside from December, which got a lift from mild weather, the January index was the highest since last August. More There has been a narrowing trend from year-ago levels since last July when the index was 14.7 percent lower than a year earlier.”We’re seeing temporary near-term weather disruptions in much of the country, but there is an underlying pattern of stabilization in the housing market,” says David Lereah, NAR’s chief economist. “As a result of these weather disruptions, it may take a couple months for the picture to fully clarify, but a modest recovery is likely.”

If weather patters are holding back buyers from entering the housing market, then as we enter the Spring, housing supplies will decrease as buyers pick up remaining inventory. Initial 2007 projections were pointing towards a slow market, but as we enter 2007 we are seeing a much stronger market than was anticipated previously.

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Comments

One Response to “The Weather Caused a ‘Cooling’ January Market!”

  1. matt on March 9th, 2007 10:48 am

    “If weather patters are holding back buyers from entering the housing”

    do you mean sellers? wouldn’t less sellers entering the market cause the decrease in inventory.

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