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2/21, 4:00 PM (Source: TeleTrader)
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US existing home sales down 1.3% in January

United States existing home sales dropped 1.3% in January as the numbers showed 5.46 million compared to 5.54 million in December of 2019, the National Association of Realtors (NAR) reported on Friday.

On a yearly basis, overall sales rose 9.6% in January from a year ago of 4.98 million in January 2019. At the same time, total housing inventory at the end of January totaled 1.42 million units, up 2.2% from December, but down 10.7% from one year ago of 1.59 million units.

"The trend line for housing starts is increasing and showing steady improvement, which should ultimately lead to more home sales," Lawrence Yun, NAR's chief economist said.

Breaking the News / BJ