Sales of existing U.S. homes fell 5.2 percent in January to a seasonally-adjusted annual rate of 6.04 million units from a downwardly revised level of 6.37 million in December, which was the third highest pace on record, according to the National Association of Realtors.
Last month’s sales activity was 2 percent above the 5.92 million-unit pace in January 2003. The record is a 6.68 million sales rate, set in September 2003.
David Lereah, NAR’s chief economist, said monthly changes at this volume of home sales should be viewed in context.
“We have to keep in mind that the level of home-sales activity over the last six months has been the strongest on record,” Lereah said. “The January pace was the sixth-highest ever and is above the total forecast for this year. We can expect month-to-month ups and downs, but the long-term trend is for home sales to stay close to record territory this year.”