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U.S. Home Sales Plunge 4.9 Percent in January

Published

11 years ago

February 23, 2015

Oakland Post

This Jan. 8, 2015 photo shows a home for sale in Charlotte, N.C. The National Association of Realtors reports on sales of existing homes in January on Monday, Feb. 23, 2015. (AP Photo/Chuck Burton)

(AP Photo/Chuck Burton)

Josh Boak, ASSOCIATED PRESS

WASHINGTON (AP) — U.S. home sales struck a snow drift in January, plunging to the slowest pace in nine months.

The National Association of Realtors said Monday that sales of existing homes tumbled 4.9 percent last month to a seasonally adjusted annual rate of 4.82 million. That brings sales down to their lowest level since April 2014.

Relatively low mortgage rates and steady job growth have yet to spur more activity from buyers and sellers, raising the possibility of either a spring sales rush or a second straight year of numbness in the real estate market. Few properties are being listed for sale, would-be buyers are holding off on purchases and snowstorms are cutting into traffic at open houses.

Weak sales in 2014 had set up expectations of a strong rebound in 2015, yet signs of that resurgence have yet to appear. The addition of roughly 1 million new jobs over the past three months has failed to make much of a dent in home-buying.

Homes did sell at a rate 3.2 percent faster than January 2014, but that increase largely reflects the brutal winter weather at the beginning of last year that depressed home-buying and caused the entire U.S. economy to briefly shrink. The noticeably more robust U.S. economy coming into 2015 was supposed to buoy sales, but the market has barely stirred so far.

“The weather hit is nothing like the scale of the damage seen last winter, but we would not now be surprised to see a further decline in activity in February,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics. “The underlying trend in sales is more or less flat.”

Few properties are coming onto the market. Just 4.7 months of supply were listed for sale at the end of December, compared with an average of 5.2 months during 2014, according to the Realtors.

Nor have builders ramped up construction. Housing starts slid 2 percent in January, according to a report from the Commerce Department last week.

The limited supply of homes can lift prices to higher levels, which may then lead would-be buyers to wait until they have more choices. Weekly mortgage applications fell 13.2 percent, the Mortgage Bankers Association reported last Wednesday.

Affordability has become a problem as prices have climbed at a faster clip than incomes. The national median home price rose 6.2 percent over the past 12 months to $199,600. That has priced out many first-time buyers, who represented just 28 percent of sales compared to their historic share of 40 percent.

Mother Nature is also beginning to take its toll. Nasty snowstorms in the Midwest and Northeast likely kept would-be buyers away, further crimping sales heading into March and beginning of the spring buying season.

Buyer traffic for newly built homes slowed in February, according to the National Association of Home Builders/Wells Fargo sentiment index.

The Realtors said previously in a separate report that the number of signed contracts in December fell 3.7 percent, suggesting that sales will remain under pressure in the coming months.

Sales slid in all four major geographical regions last month: dropping 6 percent in the Northeast, 2.7 percent in the Midwest, 4.6 percent in the South and 7.1 percent in the West.

Possibly hurting sales further, mortgage rates have crept upward for the past two weeks, ending what has previously been a yearlong slide.

Average 30-year fixed rates were 3.76 percent last week, according to the mortgage giant Freddie Mac. The average has risen from 3.59 percent at the start of February.

The current levels remain below the 4.33 percent average from a year ago, but the previous lows might keep current homeowners from upgrading since it would mean abandoning their current mortgage for a loan with possibly a higher rate and larger monthly payments.

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Financial Wellness and Mental Health: Managing Money Stress in College 

While everyone’s financial situation is unique, several common sources of stress have the potential to strain your financial health. These include financial and economic uncertainty, existing debts, unexpected expenses, and mental or physical health changes. Financial stress may differ from situation to situation, but understanding the factors contributing to yours may help you begin to craft a plan for your unique circumstances.

Published

2 weeks ago

March 17, 2026

Oakland Post

Sponsored by JPMorganChase

As a college student, managing financial responsibilities can be stressful.

If you’ve found yourself staying up late thinking about your finances or just feeling anxious overall about your financial future, you’re not alone. In one survey, 78% of college students who reported financial stress had negative impacts on their mental health, and 59% considered dropping out. While finances can impact overall stress, taking steps to manage your finances can support your mental, emotional and physical well-being.

When it comes to money, the sources of stress may look different for each student, but identifying the underlying causes and setting goals accordingly may help you feel more confident about your financial future.

Consider these strategies to help improve your financial wellness and reduce stress.

Understand what causes financial stress

2. Determine your financial priorities

Start by reflecting on your financial priorities. For students this often includes paying for school or paying off student loans, studying abroad, saving for spring break, building an emergency fund, paying down credit card debt or buying a car. Name the milestones that are most important to you, and plan accordingly.

3. Create a plan and stick to it

While setting actionable goals starts you on the journey to better financial health, it’s essential to craft a plan to follow through. Identifying and committing to a savings plan may give you a greater sense of control over your finances, which may help reduce your stress. Creating and sticking to a budget allows you to better track where your money is going so you may spend less and save more.

4. Pay down debt

Many students have some form of debt and want to make progress toward reducing their debt obligations. One option is the debt avalanche method, which focuses on paying off your debt with the highest interest rate first, then moving on to the debt with the next-highest interest rate. Another is the debt snowball method, which builds momentum by paying off your smallest debt balance, and then working your way up to the largest amounts.

5. Build your financial resilience

Some financial stress may be inevitable, but building financial resilience may allow you to overcome obstacles more easily. The more you learn about managing your money, for instance, the more prepared you’ll feel if the unexpected happens. Growing your emergency savings also may increase resilience since you’ll be more financially prepared to cover unexpected expenses or pay your living expenses.

6. Seek help and support

Many colleges have resources to help students experiencing financial stress, like financial literacy courses or funds that provide some assistance for students in need. Talk to your admissions counselor or advisor about your concerns, and they can direct you to sources of support. Your school’s counseling center can also be a great resource for mental health assistance if you’re struggling with financial stress.

The bottom line

Financial stress can affect college students’ health and wellbeing, but it doesn’t have to derail your dreams. Setting smart financial goals and developing simple plans to achieve them may help ease your stress. Revisit and adjust your plan as needed to ensure it continues to work for you, and seek additional support on campus as needed to help keep you on track.

 JPMorgan Chase Bank, N.A. Member FDIC