House sales in the US went down in January! This means fewer homes were bought and sold than before. High mortgage rates (the cost of borrowing money to buy a house) and expensive house prices made it hard for people to buy.
- Fewer homes were sold compared to the previous months.
- Higher mortgage rates made buying homes more expensive.
- The number of homes for sale increased a little.
- It took longer to sell a home than before.
| Fact | Number |
|---|---|
| Percentage decrease in home sales | 4.9% |
| Average 30-year mortgage rate (end of December) | 6.85% |
| Median home price (January) | $396,900 |
| Months of supply (January) | 3.5 |
