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South Florida

Home sales, inventory drop in January

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Sales of existing homes, including single-family homes, townhomes and condominium and co-op units, fell 5.3 percent in January, to a
seasonally adjusted annual rate of 4.49 million units, according to
data released today by the National Association of Realtors. The
number marks an 8.6 percent decline year-over-year. But NAR estimates that the stimulus
package will ultimately result in about 900,000 additional home sales
in 2009. Housing inventory at the end of January stood at 3.6 million
existing homes available for sale, a 9.6-month supply if sales
continue at the current pace. TRD