Existing homes sales fell a bit in January, according to the National Association of Realtors (NAR). Homes sales decreased month-over-month in January to stand at a seasonally adjusted annual rate of 4.62 million units. NAR said this is the lowest level since July 2012.
Sales of existing homes fell across the country with the Midwest and South posting month-over-month decreases of 7.1 percent and 3.5 percent, respectively. Housing experts believe the harsh winter weather played a part in the drop in sales. Lawrence Yun, NAR chief economist, said in a statement these decreases may carry over into the first few months of the year, but there are other obstacles the housing market will face.
"Some housing activity will be delayed until spring," Yun said. "At the same time, we can't ignore the ongoing headwinds of tight credit, limited inventory, higher prices and higher mortgage interest rates. These issues will hinder home sales activity until the positive factors of job growth and new supply from higher housing starts begin to make an impact."
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