Home Resales Fall in January, Slowest Since 1999

Washington, DC, February 25, 2008—Sales of existing U.S. homes and condos fell 0.4 percent in January to a seasonally adjusted annual rate of 4.89 million, according to the National Association of Realtors.

It was the lowest sales pace since NAR began tracking combined sales in 1999.

Resales were down 23.4 percent compared to a year ago.

Home inventory rose 5.5 percent to 4.19 million, which is a 10.3-month supply at the current sale pace. The inventory rose 18.4 percent over a year ago.

The median sales price dropped 4.6 percent over the past year to $201,000.

Existing-home "sales are very soft, but stable" over the past five months, said Lawrence Yun, chief economist for the real estate agents' trade group.

Sales rose 3.4 percent in the Midwest but fell 3.6 percent in the Northeast, 2.1 percent in the West and 0.5 percent in the South.

Sales of single-family homes rose 0.5 percent to an annual rate of 4.34 million.

Sales of condos dropped 6.5 percent to a 550,000 annual pace.