January existing home sales down, supply climbs

Reuters reports:

Sales of existing U.S. homes eased 2.8 percent in January to the slowest pace in nearly two years while the inventory of homes on the market climbed to its highest since 1998, according to trade group data released on Tuesday that signaled further cooling in the housing sector.

Sales of existing homes fell to a 6.56 million unit annual rate in January, the fifth monthly decline in a row, from December's upwardly revised 6.75 million unit pace, according to the National Association of Realtors. The sales figure includes both single-family homes and condos.

Analysts had forecast sales at a 6.6 million unit pace, unchanged from what was originally reported for December.

"The housing market is certainly shifting away from a record-breaking pace," said Lawrence Yun, senior economist for the Realtors.

Still no erosion in the national median existing home price.