Auction.com is forecasting weakened existing home sales for January.
Based on the company’s January Real Estate Nowcast, the firm is projecting that existing home sales for the month will fall between seasonally adjusted annual rates of 4.83 and 5.19 million, with a targeted number of 5.01 million.
Nowcast is based on the latest Google Trends data and updated housing market data tracked by Auction.com.
The Nowcast falls slightly below those released on January 26 (between 4.90 and 5.21 million annual sales, with a targeted number of 5.06 million).
“Our January Nowcast, like the recent Pending Home Sales report from the National Association of Realtors, is pointing towards weaker demand by homebuyers as we enter 2015,” explained Auction.com Executive Vice President Rick Sharga. “In light of near record-low interest rates and slowing home price appreciation, it's troubling to see demand slow down from an already-lackluster level of activity. Hopefully as more inventory comes online in the spring selling season, buyers will return as well.”