Existing-home sales fall 5.1% in January | Waccabuc NY Real Estate

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Sales of existing homes fell 5.1% in January to a seasonally adjusted annual rate of 4.62 million, the slowest pace since July 2012, the National Association of Realtors reported Friday.

Sales have trended down since the summer, hit by declining affordability and low inventory. Unusually poor weather may have also a played a role in January's drop, NAR said. Economists polled by MarketWatch had expected a January sales rate of 4.65 million, compared with a December rate of 4.87 million.

The median sales price of used homes hit $188,900 in January, up 10.7% from the year-earlier period, supported by low inventory. January's inventory was 1.9 million existing homes for sale, a 4.9-month supply at the current sales pace.       



    http://www.marketwatch.com/story/existing-home-sales-fall-51-in-january-2014-02-21?siteid=yhoof2       

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