Housing Sales Drop in January as Prices Rise

The U. S. housing market saw a sharp decline in sales for the first month of the year, even though mortgage rates are getting lower. Only 3. 91 million existing homes were sold in January, which is an 8. 4 percent fall from December. This drop marks the biggest monthly decline in almost four years, according to data released by a major real‑estate association. Higher home prices are a key reason many buyers stay away.Even with cheaper borrowing costs, the cost of buying a home remains high for most people. Cold winter weather may also play a part. People are less willing to move or search for houses when it is very cold outside. The combination of steep prices and bad weather keeps potential buyers on the sidelines. This slowdown is a warning that the market may not bounce back quickly, despite easing interest rates.