US Home Sales Plummet in January Despite Easing Mortgage Rates

• Existing US home sales dropped 8.4% in January from December, reaching a seasonally adjusted annual rate of 3.91 million units.
• Sales were down 4.4% compared to January last year, falling short of economist expectations.
• The decline occurred across all regions: Northeast, Midwest, South, and West.
• Despite the sharp sales drop, the national median home price rose 0.9% year-over-year to $396,800, marking 31 consecutive months of annual price increases.
• The housing market has been in a slump since 2022 due to high mortgage rates, soaring prices, and a chronic housing shortage.