US existing-home sales dip 7.2% in January
US existing-home sales fell in January, reflecting a lackluster outlook for the housing sector that was at the epicenter of the financial crisis.
The National Association of Realtors (NAR) said sales of single-family and townhomes and condominiums dropped 7.2 percent to a seasonally adjusted annual rate of 5.05 million units in the first month of the year.
The figure compared with a revised 5.44 million units sold in December. But it was 11.5 percent above the 4.53 million-unit level in January 2009, when the sector was engulfed in the home mortgage meltdown.
Lawrence Yun, NAR chief economist, said the latest monthly sales decline was "not encouraging, and raises concern about the strength of a recovery."
Most analysts had expected January sales at around 5.50 million units.
Copyright 2010 AFP Global Edition
