Home Sales Post Their Sharpest Drop in Three Years

Sales of previously owned U.S. homes in January experienced their sharpest annual drop in more than three years as low inventories and rising prices and interest rates took a toll.

Existing-home sales fell 3.2% in January from the previous month to a seasonally adjusted annual rate of 5.38 million, the National Association of Realtors said Wednesday. Economists had expected sales to improve modestly last month after sales also declined in December. 

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