The housing market is beginning to show signs of weakness: U.S. home sales unexpectedly fell in January, leading to the biggest decline in more than three years. Existing home sales dropped 3.2 percent last month.
Existing home sales, which account for about 90 percent of U.S. home sales, declined 4.8 percent on a year-on-year basis in January. That was the biggest year-on-year drop since August 2014.
The weakness in home sales is largely a function of supply constraints rather than a lack of demand. While the number of previously owned homes on the market rose 4.1 percent to 1.52 million units in January, housing inventory was down 9.5 percent from a year ago.
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