US Home Sales Fell Sharply In January, Even As Mortgage Rates Continued To Ease – KXL

(Associated Press) – Sales of previously occupied U.S. homes fell sharply in January as higher home prices and possibly harsh winter weather kept many prospective homebuyers on the sidelines despite easing mortgage rates.

The National Association of Realtors said Thursday that existing home sales sank 8.4% in last month from December to a seasonally adjusted annual rate of 3.91 million units.

Sales fell 4.4% compared with January last year.

The latest sales figure fell short of the 4.105 million pace economists were expecting, according to FactSet.

The national median sales price increased 0.9% in January from a year earlier to $396,800.