Homes sales fell 8.4% in January despite lower mortgage rates

Sales of previously occupied U.S. homes fell sharply in January as higher home prices and possibly harsh winter weather kept many prospective homebuyers on the sidelines despite easing mortgage rates.

Existing home sales sank 8.4% last month from December to a seasonally adjusted annual rate of 3.91 million units, the National Association of Realtors said Thursday. That’s the biggest monthly decline in nearly four years and the slowest annualized sales pace in more than two years.

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