Sales For Existing Homes Fall 3.2 Percent In January

Sales for existing homes declined for the second month in a row in January, falling 3.2 percent, according to the National Association of Realtors.
The drop brings the existing homes market to a seasonally adjusted annual rate of 5.38 million, down from December's 5.56 million.
Sales are now 4.8 percent lower than one year ago, the largest decline since 2014, according to NAR.
The average price for existing homes at the end of January was $240,500, an increase of 5.8 percent from January 2017.
NAR Chief Economist Lawrence Yun called the higher prices a factor in the decline in sales.
"It's very clear that too many markets right now are becoming less affordable and desperately need more new listings to calm the speedy price growth," Yun said in a statement.