Anthony Mirones
Hide Caption

US home sales plunge 5.1 percent in January

Worst pace in 18 months

a a a a
Share this story

WASHINGTON (AP) -- Sales of existing U.S. homes plummeted in January to the worst pace in 18 months. Cold weather, limited supplies of homes on the market and higher buying costs held back purchases.

The National Association of Realtors says sales fell to a seasonally adjusted annual rate of 4.62 million units last month. That was down 5.1 percent from the December pace. The sales rate declined 5.1 percent over the previous 12 months. Higher mortgage rates and higher prices have contributed to a slowdown in home buying in five of the past six months.

The median home price has risen 10.7 percent to $188,900 since January 2013. The flagging sales suggest a deceleration from the momentum for much of 2013, when 5.09 million homes were sold, the most in seven years.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Print this article

Comments

Hmm... It looks like you’re not a WCPO Insider. or Subscribe now to contribute!

More National News
Fetal tissue used to power some Oregon homes
Fetal tissue used to power some Oregon homes

An Oregon county commission has ordered an incinerator to stop accepting boxed medical waste to generate electricity after learning the waste…

Labor Dept. aims to reduce black lung disease
Labor Dept. aims to reduce black lung disease

The Obama administration said Wednesday it is cutting the amount of coal dust allowed in coal mines in an effort to help reduce black lung disease.

FDA proposes first regulations for e-cigarettes
FDA proposes first regulations for e-cigarettes

The federal government wants to ban sales of electronic cigarettes to minors and require approval for new products and health warning labels…

GM faces another safety investigation
GM faces another safety investigation

General Motors is dealing with another government safety investigation. This time the car targeted is the 2014 Impala.

Internet TV case: Justices skeptical, concerned
Internet TV case: Justices skeptical, concerned

Grappling with fast-changing technology, Supreme Court justices debated Tuesday whether they can protect the copyrights of TV broadcasters to…

Airport security vulnerabilities not uncommon
Airport security vulnerabilities not uncommon

For all the tens of billions of dollars that the nation has spent on screening passengers and their bags, few airports made a comparable…

Supreme Court upholds ban on affirmative action
Supreme Court upholds ban on affirmative action

The Supreme Court on Tuesday upheld Michigan's ban on using race as a factor in college admissions.

Infant found in Detroit home with dead mother
Infant found in Detroit home with dead mother

An infant is fighting for her life after she was left alone with her mother’s dead body for several days.

Netflix poised to raise prices after strong 1Q
Netflix poised to raise prices after strong 1Q

Netflix is preparing a sequel unlikely to be a hit with its subscribers. The Internet video service is about to raise its prices for the…

Grieving borrowers told to repay student loan
Grieving borrowers told to repay student loan

Some student loan borrowers who had a parent or grandparent co-sign the note are finding that they must immediately pay the loan in full if…