Existing Home Sales Disappoint

NAR reported that home resales fell 7.2% last month to a seasonally adjusted annual rate of 5.05 million units, down from the revised rate of 5.44 million in December. Still, on a year-over-year basis, sales were up 11.4%. The median price declined from $170,500 in December to $164,700 in January. Prices are now at the same level they were in January 2009.