Sales of existing homes were down in January while home prices continued to appreciate at double-digit rates, according to the National Association of Realtors. The rate of existing-home sales – including single-family, townhomes, condominiums and co-ops – dropped 5.2 percent in January 2006 compared to January 2005 and declined 2.8 percent from December 2005, the National Association of Realtors trade group reported today. The sales rate has dropped in each of the past five months, according to the report. Sales fell to a seasonally adjusted annual rate of 6.56 million units in January – this rate is a projection of a monthly sales total over a 12-month period, adjusted for seasonal fluctuations in sales activity. Total housing inventory levels rose 2.4 percent at the end of January to 2.91 million existing homes available for sale, which represents a 5.3-month supply at the current sales pace, the association reported. A six-month supply is typically considered to...
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