Closings

NAR: Home Sales Volume, Median Prices Drop 

Sales of existing homes remained significantly below year-ago levels in January, reaching a seasonally-adjusted rate of 6.46 million units. January sales volume was 4.3 percent below the 6.75 million-unit level reported in January 2006; median prices also dropped 3.1 percent from year-ago levels, the NAR reported. Total housing inventory levels rose 2.9 percent at the end of January to 3.55 million existing homes available for sale, which represents a 6.6-month supply at the current sales pace, unchanged from the revised December level. Inventory peaked at 7.4 months in October.