Used home sales continue to decline in the US

Second-hand home sales in the US fell 0.7 percent month-on-month in January, the lowest level since 2010.

National Association of Realtors (NAR) announced the second-hand home sales data for January. Accordingly, second-hand house sales in the country decreased by 0.7 percent on a monthly basis, in seasonally adjusted terms, to 4 million in January.

It was predicted that the second-hand house sales, which carried the decline to the 12th month, would realize at the level of 4.1 million. Second-hand house sales, which fell to the lowest level since October 2010, decreased by 2.2 percent to 4.03 million in December last year.

Second-hand house sales in the country decreased by 36.9 percent in January compared to the same month of the previous year.

NAR Chief Economist Lawrence Yun, whose views were given in the statement, pointed out that house sales have hit the bottom and noted that although there was a modest growth in sales in regions with lower housing prices, there was a decrease in expensive regions.

Stating that inventory remains low, but buyers are starting to have better bargaining power, Yun said that houses that have been on the market for more than 60 days can be purchased for about 10 percent less than the list price.