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by CareyBot

The sales rate for resale homes dropped 5.3 percent in January to a 12-year-low, the National Association of Realtors reported today, and fell 8.6 percent compared to the same month last year. The seasonally adjusted annual rate of resale home sales dipped to 4.49 million in January -- this rate is a projection of a monthly sales total over a 12-month period, adjusted to account for typical seasonal variations in sales activity. NAR reported that the inventory of for-sale resale homes sank 2.7 percent in January and fell 13.5 percent compared to January 2008, NAR reported, and the months' supply of homes for sale rose 2.1 percent in January while dipping 5.9 percent compared to January 2008. The median price of U.S. resale homes dropped 14.8 percent in January 2009 compared to Ja...