House sales slump for the fourth straight month, as buyers brace for a housing market correction

The Dow Jones Industrial Average fell more than 400 points, or 0.3%, on Wednesday, after the National Association of Realtors reported that sales fell by 2.3% in January, and by 0.5% in February.

The drop was worse than economists expected and marked the fourth consecutive month of declines. 

On Thursday, the S&P 500 fell 0.7% to 2,788.20. 

The Nasdaq composite slipped 0.6% to 5,811.14. 

All of the indexes were in positive territory. 

At the end of February, sales rose for a second straight month after rising by 3.6%.

The U.S. economy added a net 4,100 jobs last month, its fastest pace in nearly three years, and the Labor Department said January’s jobs report, which is due out next week, will show that Americans added an average of 156,000 jobs per month in January. 

However, the jobs report was the weakest of Trump’s first two months in office. 

House prices dropped 2.5%, according to the Zillow Home Price Index. 

“I think it’s going to be tough for the market in the coming months,” said Joe Siena, chief economist at Zillotrigge Investment Management. 

U.S.-listed stocks and bond prices were little changed, and benchmark Treasuries fell. 

Markets are still a long way from the levels seen before the financial crisis, but investors should be wary of any more declines in sales, Sienaspan said. 

Housing markets have been hurt by the economic slowdown, which has put downward pressure on prices.

Sales were up in January by 0% in all of the major U.K. cities. 

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Sales of homes are currently down by 4.2% year-over-year, according to an analysis by Zillower. 

Analysts said the slowdown in the economy may be behind the recent decline in house sales.

The U-verse and other home goods retailers have been struggling to compete against online retailers like Amazon.com Inc., which have been selling higher-quality items. 

Meanwhile, the price of housing has fallen about 3% since the end.

A survey by Zumper last week showed that median sales prices dropped by 5.2%, the smallest quarterly drop in more than a decade.

In March, sales in metro areas with the highest home prices rose by the biggest quarterly gains in nearly two years.