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Auction.com LLC has released a revised January Auction.com Real Estate Nowcast projecting that existing home sales for the month will fall between seasonally adjusted annual rates (SAAR) of 4.83 and 5.19 million, with a targeted number of 5.01 million.
Based on the latest Google Trends data and updated housing market data tracked by Auction.com—which together indicate a shift in January home sales—the adjusted Auction.com Nowcast projections fall slightly below those released on Jan. 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 (NAR), is pointing towards weaker demand by homebuyers as we enter 2015,” said 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.”