U.S. Existing-Home Sales Fell in January

WSJ
WASHINGTON—A broad measure of home sales fell sharply in January, the latest sign the housing market is buckling under higher mortgage rates, tight inventory and severely cold weather.
Sales of previously owned homes fell 5.1% in January from December to a seasonally adjusted annual rate of 4.62 million, the National Association of Realtors said Friday. The drop, the fifth in the past six months, pushed sales down to the lowest level in 18 months.
The decline was steeper than economists’ expectations and raises new questions about the underlying strength of the housing market. Sales began slowing in the middle of last year, long before chilly winter and snowstorms gripped much of the U.S.
Existing-home sales, which reflect more than 90% of all home purchases, fell across all four regions in January, but the biggest drop occurred in the West, which has been the warmest.
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