Existing Homes Sales Drop Steeply in January
Sales of existing homes dropped 5.3 percent in January, a sharper falloff than analysts expected, as potential home buyers appeared to wait to see what the government is going to do to incentivize their purchase.
The figures were released moments ago by the National Association of Realtors.
The median sales price of an existing home dropped 14.8 percent to $170,300, compared with this time last year. It's the lowest price since March 2003.
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