Existing-home sales dropped in January to a seasonally adjusted annual rate of 4.82 million, the lowest rate since May 2014, according to the National Association of Realtors.
Despite the decline, which represents a 4.9 percent decrease from December, sales were 3.2 percent higher than a year ago.
Total housing inventory increased 0.5 percent to 1.87 million existing homes available for sale. That inventory is still 0.5 percent lower than a year ago.
First-time house buyers made up 28 percent of the market, a decline of 1 percentage point from 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.”
The median existing-home price in January was $199,000, which is 6.2 percent higher than in January 2014.
