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 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 January 2008. And regionally, the median price fell 25.5 percent in the West, 14.7 percent in the Northeast, 7.4 percent in the South and 6.8 percent in the Midwest.

Also, last month’s sales rate dipped 23.8 percent in the Northeast, 16.7 percent in the Midwest and 15.9 percent in the South while rising 29 percent in the West compared to January 2008. Compared to December 2008, the sales rate dropped 14.7 percent in the Northeast, 5.7 percent in the Midwest and South, and remained level in the West.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Will you attend ICLV virtually or in-person? The agenda is packed with stellar speakers and sessions.Learn More×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription