January existing home sales down 3.2 percent from December and 4.8 percent year-on-year

Due largely to a shortage of affordable inventory, total existing-home sales sank 3.2 percent in January to a seasonally adjusted annual rate of 5.38 million from December 2017. After last month's decline, sales are 4.8 percent below a year ago (largest annual decline since August 2014 at 5.5 percent) and at their slowest pace since last September.

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