Home Resales Fall in January

Washington, DC, Feb. 25, 2009--The National Association of Realtors said Wednesday that sales of existing homes fell 5.3 percent to an annual rate of 4.49 million last month, from 4.74 million units in December. It was the weakest showing since July 1997.

The pace of sales of existing home fell to a 4.49 million-unit annual rate, while home prices and inventories dropped.

Economists polled by Reuters were expecting home resales to rise to a 4.79 million-unit pace, from the 4.74 million rate initially reported for December, which was unchanged.

The inventory of existing homes for sale fell 2.7 percent to 3.60 million from the 3.70 million overstock reported in December.

The median national home price declined 14.8 percent from a year ago to $170,300 - the lowest since a $169,400 level seen in March 2003.