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Monday, March 3, 2014

Key Housing Number Fell in January: Another Sign of still Weak Market

Existing home sales in January fell to the lowest level in 18 months as extreme winter weather continued to pummel the housing market.

Sales of existing homes declined 5.1% from December to a seasonally adjusted annual rate of 4.62 million, the National Association of Realtors said Friday.

January sales also were down 5.1% from January 2013.

"Disruptive and prolonged winter weather patterns across the country are impacting a wide range of economic activity, and housing is no exception," said NAR Chief Economist Lawrence Yun.

Yet Yun also cited other obstacles, including tight credit, higher prices, higher mortgage rates and limited inventory.

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