• Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
  • PRODUCTS
  • A&D
  • INSTALLATION
  • MARKETS
  • AWARDS
  • EDUCATION
  • BUYER'S GUIDE
  • MEDIA
  • EMAGAZINE
  • SIGN UP
cart
facebook twitter linkedin youtube
  • NEWS
  • Breaking Flooring News
  • eNewsletters
  • PRODUCTS
  • Carpet & Area Rugs
  • Hardwood
  • Installation Products
  • Installation Tools & Equipment
  • Laminate
  • Resilient
  • Specialty
  • Tile & Stone
  • MARKETS
  • Commercial
  • Residential
  • AWARDS
  • Installation Awards
  • Top Flooring Products
  • EDUCATION
  • Continuing Education
  • Webinars
  • MEDIA
  • FLOOR Podcast
  • Videos
  • TISE 2025 Videos
  • Product Spotlights
  • eBooks
  • EMAGAZINE
  • eMagazine
  • Archive Issues
  • Contact
  • Advertise
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
    • Breaking Flooring News
    • eNewsletters
  • PRODUCTS
    • Carpet & Area Rugs
    • Hardwood
    • Installation Products
    • Installation Tools & Equipment
    • Laminate
    • Resilient
    • Specialty
    • Tile & Stone
  • A&D
  • INSTALLATION
  • MARKETS
    • Commercial
    • Residential
  • AWARDS
    • Installation Awards
    • Top Flooring Products
  • EDUCATION
    • Continuing Education
    • Webinars
  • BUYER'S GUIDE
  • MEDIA
    • FLOOR Podcast
    • Videos
    • TISE 2025 Videos
    • Product Spotlights
    • eBooks
  • EMAGAZINE
    • eMagazine
    • Archive Issues
    • Contact
    • Advertise
  • SIGN UP
Breaking Flooring News

Severe weather hits existing-home sales; rebound expected

January 25, 2001
WASHINGTON -- Sales of existing single-family homes fell last month, but 2000 was the second-highest year on record, according to the National Association of Realtors (NAR). A rebound is likely, but the association is concerned it may be short lived.

Existing-home sales dropped 7.4% in December to a seasonally adjusted annual rate of 4.87 million units from an upward-revised level of 5.26 million units in November. Last month's sales activity was 5.3% below the 5.14-million unit pace in December 1999. However, 2000 tallied the second-highest sales total on record -- 5.03 million units, down 3.2% from the 5.20-million record in 1999.

Dr. David Lereah, NAR's chief economist, blamed unusual weather for the drop in sales. “Although existing-home sales rates are adjusted for seasonal factors, abnormal cold and harsh winter storms hit sales in every region of the country,” he said. “In addition, we're using seasonal factors adjusted by several consecutive mild winters, but a yellow flag has been raised over deteriorating conditions in the general economy -- when you look at overall market conditions and indicators, the outlook for housing now is mixed.

“On the positive side, the Mortgage Banker's Association's purchase index is up, on the negative side, construction permits are down and builders' confidence is waning,” he explained.

As a result, NAR's home sales forecast has been revised. “With continuing declines in mortgage interest rates, existing-home sales could rise 2.1% this year to a total of 5.14 million -- if we can avoid a recession,” said Richard A. Mendenhall, NAR president. “We expect the 30-year fixed mortgage interest rate to average around 6.75% in 2001, and that certainly will help the market in the short run.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 7.38% in December, down from 7.75% in November. It was 7.91% in December 1999. The national median existing-home price was $140,000 in December, up 4.7% from December 1999 when the median price was $133,700. The NAR is forecasting that the median existing-home price in 2001 will rise 5.2% to $146,300.

Regionally, home resales in the West slipped 2.1% from November to an annual rate of 1.43 million units in December. The pace was unchanged from December 1999. The median existing-home price in the West was $188,200, up 8.9% from the same month a year earlier.

The existing-home sales pace in the South declined 6.6% in December to an annual rate of 1.85 million units. They were 6.1 percent below December 1999. The median price of an existing home in the South was $130,600, which was 8.3% higher than December 1999.

In the Northeast, existing-home sales fell 10.6% from November to a pace of 590,000 units in December. This rate was 4.8% below December 1999. The median existing-home price in the Northeast was $139,800, up 0.2% from a year ago.

In the Midwest, homes were reselling at an annual rate of 1.00 million units in December, down 14.5% from November and 10.7% below where they stood in December 1999. The median price in the Midwest was $121,700, up 2.1% from a year ago.

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Recommended Content

JOIN TODAY
To unlock your recommendations.

Already have an account? Sign In

  • resilient flooring

    The 7 Types of Resilient Flooring

    The resilient flooring category is comprised of many...
    Resilient Flooring
    By: Resilient Floorcovering Institute
  • QuickDrain USA’s ShowerLine linear drain

    Tips for Curbless Shower Installation Using a Linear Drain

    Consider these four tips when planning for a curbless...
    Flooring Installation Products
    By: Darryl Jones
  • 2024 New Flooring Product Guide

    2024 New Flooring Products Guide

    We explore this year's introductions in area rugs,...
    Flooring Installation
    By: FLOOR Trends & Installation Editors
You must login or register in order to post a comment.

Report Abusive Comment

close

1 COMPLIMENTARY ARTICLE(S) LEFT

Loader

Already a Registered User? Sign in now.

Subscribe For Free!
  • eMagazine
  • eNewsletter
  • Online Registration
  • Manage My Preferences
  • Subscription Customer Service

Takeaways from the 2024 AHSG Convention & Member Outlook for 2025

Takeaways from the 2024 AHSG Convention & Member Outlook for 2025

Shaw Flooring Network Retailers Report Post-Election Sales Surge

Shaw Flooring Network Retailers Report Post-Election Sales Surge

Retailers Share Top Takeaways from Shaw Flooring Network Convention

Retailers Share Top Takeaways from Shaw Flooring Network Convention

What Shaw Flooring Network Dealers are Banking on for 2025

What Shaw Flooring Network Dealers are Banking on for 2025

More Videos

Popular Stories

RevWood American Originals.jpg

How Mohawk's Domestic Manufacturing Powers Growth in Challenging Times

Ken Ballin manning the Tools 4 Flooring booth in Tool Alley at TISE 2025

10 Tool Innovations Every Flooring Contractor Should Have on Their Wish List

Schluter waterproofing system

Waterproofing Wet Areas: Three Essential Methods to Protect Your Bathroom and Shower Installation


Download the Free Moisture Meters Guide

Events

June 9, 2025

NeoCon 2025

A trade show for the commercial interior design industry.

December 1, 2030

Webinar Sponsorship Information

For webinar sponsorship information, visit www.bnpevents.com/webinars or email webinars@bnpmedia.com.

View All Submit An Event

Poll

Flooring Groups

Flooring retailers, do you belong to a buying, marketing or franchise group?
View Results Poll Archive

Products

2025 BNI Interiors Square Foot Costbook

2025 BNI Interiors Square Foot Costbook

See More Products

FLOORtalk podcasts - Listen Now

Related Articles

  • April existing home sales up more than expected

    See More
  • NAR

    Home Prices Show Solid Growth, Existing Home Sales Slip

    See More
  • NAHB

    Housing Starts Fall in January Due to Severe Weather

    See More
×

We’re rolling out the red carpet of flooring knowledge!

Stay in the know on the latest flooring retail trends.

JOIN TODAY!
  • RESOURCES
    • Advertise
    • Contact Us
    • Directories
    • Store
    • Want More
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • eNewsletters
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey/Respondent Access
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • Instagram
    • YouTube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing

search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
    • Breaking Flooring News
    • eNewsletters
  • PRODUCTS
    • Carpet & Area Rugs
    • Hardwood
    • Installation Products
    • Installation Tools & Equipment
    • Laminate
    • Resilient
    • Specialty
    • Tile & Stone
  • A&D
  • INSTALLATION
  • MARKETS
    • Commercial
    • Residential
  • AWARDS
    • Installation Awards
    • Top Flooring Products
  • EDUCATION
    • Continuing Education
    • Webinars
  • BUYER'S GUIDE
  • MEDIA
    • FLOOR Podcast
    • Videos
    • TISE 2025 Videos
    • Product Spotlights
    • eBooks
  • EMAGAZINE
    • eMagazine
    • Archive Issues
    • Contact
    • Advertise
  • SIGN UP