WASHINGTON — Existing home sales fell 5.1% to a seasonally adjusted 4.62 million-unit rate in January from an unrevised 4.87 million pace the previous month, the National Association of Realtors announced Friday.
The January sales rate was the lowest level in a year and a half. It was weaker than the median estimate of economists polled by Thomson Reuters, who predicted a 4.67 million rate. The rate represents a 5.1% decrease from January 2013.
NAR Chief Economist Lawrence Yun said that factors contributing to January decline included the winter weather, limited inventory, tight credit conditions and higher prices.
Sales decreased in all four regions: 3.1% in the Northeast, 7.1% in the Midwest, 3.5% in the South and 7.3% in the West.
The median sales price stood at $188,900 in January, a 4.5% decrease from the previous month and a 10.7% increase from a year ago.
Housing inventory levels rose 2.2% from the previous month to 1.90 million existing homes, representing a 4.9-month supply at the current pace. Inventory was up 7.3% from the January 2013 level.
