January home sales fall as high mortgage rates, prices freeze out would-be buyers
A "For Sale" sign is displayed in front of a home in Morton Grove, Ill., Sunday, Aug. 25, 2024. (AP Photo/Nam Y. Huh)
LOS ANGELES (AP) — Sales of previously occupied U.S. homes fell in January as rising mortgage rates and prices put off many would-be homebuyers despite a wider selection of properties on the market.
Sales fell 4.9% last month from December to a seasonally adjusted annual rate of 4.08 million units, the National Association of Realtors said Friday.
Sales rose 2% compared with January last year, marking the fourth straight annual increase. The latest home sales, however, fell short of the 4.11 million pace economists were expecting, according to FactSet.
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