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The realty group reported sales of existing houses, townhouses, and condos were down 7.2 percent to 5.05 million last month, according to The Washington Post. December saw a record 16.2 percent decline.
Economist Lawrence Yun said Realtors are holding out hope the trend may reverse itself in spring, when more Americans are expected to take advantage of a recently renewed tax credit for first-time buyers and some current homeowners.
January's numbers, as bad as they were, marked an 11 percent improvement from a year ago.On Wednesday, the Commerce Department reported sales of new homes fell 11.2 percent in January, a jolt to economists who expected a modest improvement from the December pace.
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