Existing home sales fell by 0.4% in January (MarketWatch) (25-02-2008)

WASHINGTON (MarketWatch) - Sales of existing U.S. homes was down by 0.4% in January to a seasonally adjusted annualized rate of 4.89 million while inventories of homes on the market increased, according to the National Association of Realtors.

It was the lowest sales pace since the real estate group began tracking combined sales in 1999.

The inventory of homes on the market rose 5.5% to 4.19 million, representing a 10.3-month supply at the January sales pace. The inventory rose 18.4% compared with January 2007.

Economists surveyed by MarketWatch were expecting existing-home sales to fall to about 4.80 million annualized.

 Source MarketWatch