Sign to sell outside house in New York.
WASHINGTON (Reuters) – US sales of US homes dropped to three years low in January, while prices rose modest, indicating a further deterioration in the housing market momentum.
The National Realtors Association said Thursday that current housing sales dropped by 1.2 per cent to an annual rate of 4.94 million units.
That is the lowest level since November 2015 and was lower than the average forecasts of analysts, an average of 5.0 million.
The decline in January came after months of housing market weakness in the world's largest economy. On an annual basis, current home sales dropped by 8.5 per cent in January.
Average house prices rose last month 2.8 per cent a year earlier than $ 247,500, the lowest increase since February 2012.
Prepared by Wajdi Al-Alfi for the Arabic newsletter