Sales of pre-owned homes dropped 5.3% to a seasonally adjusted annual rate of 4.49 million in January, the lowest sales pace in 12 years, the National Association of Realtors reported Wednesday. Sales are down 8.6% in the past year, the industry trade group reported. Sales were lower than the 4.80 million pace expected by economists surveyed by MarketWatch. The median sales price fell to $170,300, the lowest in nearly six years and down 14.8% compared with a year ago. The inventory of unsold homes fell 2.7% in January to 3.6 million, representing a 9.6-month supply at the January sales pace.
