United States existing home sales dropped to a more than 12-year low in January, but the pace of decline slowed, raising cautious optimism that the housing market slump could be close to reaching a bottom.Existing home sales fell 0.7 percent to a seasonally adjusted annual rate of four million units last month, the lowest level since October 2010, the National Association of Realtors said on Tuesday. That marked the 12th straight monthly decline in sales, the longest such stretch since 1999.Sales fell in the Northeast and Midwest, but rose in the South and West. Economists polled by Reuters had forecast home sales rising to a rate of 4.10 million units.
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