Jan U.S. Existing Home Sales Drop 6.9% to 589K, Exceeding Forecast

U.S. existing home sales in January fell 6.9% month-over-month to 589,000, sharply exceeding a 585,000 forecast and the 6.2% decline expected by economists. The drop follows a 4.6% decline in December and marks the largest single-month drop since 2020. The National Association of Realtors reported the decline was driven by lower mortgage rates and continued inventory constraints, with the median sales price at $420,500, down 0.4% from December.