MNI DATA ANALYSIS: US Jan Existing Home Sales -1.2% to 4.94M

By Kevin Kastner, Shikha Dave, and Harrison Clarke

     WASHINGTON (MNI) - Home resales falling 1.2% in January to an annual rate

of 4.94 million, the lowest since November 2015, and below expectations for a

decline to a 4.98 million pace, data released by the National Association of

Realtors reported Thursday showed.

     Annual revisions were included with the release.

     According to NAR Chief Economist Lawrence Yun, "existing home sales in

January were weak compared to historical norms," but moderating home prices and

increasing household income should "bring more buyers to the market in coming

months."

--SUPPLY RISES

     The number of housing units available for sale rose 3.9% in January to a

total of 1.59 million houses, bringing the months supply to 3.9 months at the

current sales pace from 3.7 months in December.

     December sales were revised up slightly to a 5.00 million rate from the

originally reported 4.99 million annual rate.

--REGIONAL DATA GENERALLY NEGATIVE

     Sales declined in the South, Midwest, and West regions, but rose in the

North.

--PRICES UP Y/Y

     January's national median price of $247,500 was up 2.8% from a year

earlier, but was the slowest growth since since February 2012.

--MNI Washington Bureau; +1 202-371-2121; email: shikha.dave@marketnews.com

[TOPICS: MAUDS$,M$U$$$]