Sales of existing homes fell to an annual rate of 4.82 million in January, the lowest pace since last May.
That’s according to the National Association of Realtors, which reports that the Northeast and West saw the biggest declines in sales activity. January’s sales pace was down from 5.07 million in December.
“January housing data can be volatile because of seasonal influences, but low housing supply and the ongoing rise in home prices above the pace of inflation appeared to slow sales despite interest rates remaining near historic lows,” said NAR Chief Economist Lawrence Yun. “Realtors are reporting that low rates are attracting potential buyers, but the lack of new and affordable listings is leading some to delay decisions.”