Existing home sales plunge in January
Existing home sales fell 5.1 percent since December and 5.1 percent below the level seen in January 2013.
On Friday, the National Association of Realtors (NAR) released their Existing Home Sales Report for January showing plunging sales with total home sales falling 5.1% since December and falling 5.1% below the level seen in January 2013.
Single family home sales also crashed dropping 5.8% from December falling a notable 6% below the level seen in January 2013 while the median selling price increased 10.4% above the level seen a year earlier.
Inventory of single family homes increased from December to 1.69 million units and climbed 7% above the level seen in January 2013 which, along with the sales pace, resulted in a monthly supply of 5.0 months.
The following charts (click for full-screen dynamic version) shows national existing single family home sales, median home prices, inventory and months of supply since 2005.
The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here.To add or view a comment on a guest blog, please go to the blogger's own site by clicking on paper-money.blogspot.com.