US Existing Home Sales Drop To 9-Month Low

US existing home sales fell by 4.9% in January to 4.82 million. This is the lowest level since April of last year. The western region remains by far the weakest region while the south remains the strongest. Months supply remained relatively steady at 4.7 months worth of supply in the market. Lastly, a further decline next month may be on the horizon. Pending home sales declined in February and tends to lead existing home sales.