Feb. 12 (UPI) -- Sales of existing homes greatly declined in January despite mortgage rates coming down, a report from the National Association of Realtors released Thursday says.
Existing home sales, sales of homes that were previously owned and occupied, fell 8.4% in January on a seasonally adjusted annual rate. Sales were 4.4% lower than January 2025.
The median sales price of existing homes was $396,800 for all housing types, nearly a 1% increase over a year ago.
"The decrease in sales is disappointing," Lawrence Yun, chief economist for the National Realtors Association, said in a statement. "Affordability conditions are improving, with NAR's Housing Affordability Index showing that housing is the most affordable it's been since March 2022. This is due to wage gains outpacing home price growth and mortgage rates being lower than a year ago."
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