Home sales and home prices continued to trend down in January, according to figures released this morning.
Sales of existing homes in January fell 0.4% compared to December and were off 23.4% below the pace in January 2007.
The National Association of Realtors said that a seasonably adjusted annual rate of 4.89 million units were sold in January, compared to the 4.91 million sold in December and the 6.44 million sold in January 2007.
The national median existing home price fell by 4.6% to $210,100 from last January.
Total housing inventory rose 5.5% at the end of January to 4.19 million existing homes for sale, or a 10.3-month supply at the current sales pace.
The national realtors group said that as limits for FHA loans increase that should stimulate sales growth later this year.
