Existing home sales lowest since '97

Realtors say sales fell 5.3% in January, believing would-be buyers delayed purchases due to stimulus talk.

By Ben Rooney, CNNMoney.com staff writer


NEW YORK (CNNMoney.com) -- Sales of existing homes fell in January to their lowest levels in nearly 12 years, with a real estate group saying buyers delayed purchases in anticipation of government programs to boost the housing market.
The National Association of Realtors said Wednesday that existing home sales dropped 5.3% last month, to a seasonally adjusted annual rate of 4.49 million units from a rate of 4.74 million in December.
January sales were the lowest since July 1997, and were far below the consensus estimate of 4.79 million units, according to a survey of economists compiled by Briefing.com.
The decline comes as some buyers forgo purchases in anticipation of government stimulus efforts aimed at boosting home ownership, according to the NAR.