(MENAFN) The US National Association of Realtors (NAR) said that existing-home sales dropped last month to its lowest in a year and a half, Xinhua reported
Total existing-home sales in the country hit 4.62 million in January, falling 5.1 percent from the month before it. Sales also dropped 5.1 percent when compared to the corresponding month a year earlier
The median existing-home price for all housing types was USD188,900 in January, increasing 10.7 percent from January 2013
NAR chief economist said: "Some housing activity will be delayed until spring. At the same time, we can not ignore the ongoing headwinds of tight credit, limited inventory, higher prices and higher mortgage interest rates.
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