Existing home sales in January fell to the lowest level in 18 months as extreme winter weather continued to pummel the housing market.
Sales of existing homes declined 5.1% from December to a seasonally adjusted annual rate of 4.62 million, the National Association of Realtors said Friday.
Analysts estimated that homes were sold at a 4.68 million last month. January sales also were down 5.1% from January 2013.
Housing inventories increased to a 4.9-month supply from a 4.6 month supply in December. A six-month supply is generally considered balanced.
Single-family home sales fell 5.8%. Condominium and co-op sales were unchanged.
Article curated from USA Today
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