US homes sales fell sharply in January, even as mortgage rates continued to ease
By ALEX VEIGA, AP Business Writer
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.
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Existing home sales sank 8.4% last month from December to a seasonally adjusted annual rate of 3.91 million units, the National Association of Realtors said Thursday. That’s the biggest monthly decline in nearly four years and the slowest annualized sales pace in more than two years.
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.