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Existing Home Sales Down 5.3% in January

The National Association of Realtors said sales of existing homes declined 5.3% in January to an annual rate of 4.49 million from 4.74 million units in December. It was the weakest showing since July 1997, the NAR said. It added that potential buyers stayed on the fence in January and waited to hear what the government would do to jump-start home sales. In addition, the median sales price of an existing home plunged 14.8% to $170,300 from $199,800 a year earlier. That was the lowest price since March 2003 and it reflects the massive number of foreclosures that have deluged the market. The NAR said the $8,000 first-time homebuyer tax credit tucked in the economic stimulus plan signed by President Barack Obama should boost home sales by late spring or early summer.

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Date Last Updated: 02/26/2009