The National Association of Realtors reported that sales of existing homes declined 3.2% during January (-4.8% y/y) to 5.380 million (AR) from 5.560 million in December, revised from 5.570 million. Expectations were for 5.620 million January sales in the Action Economics Forecast Survey.

The median price of all existing homes sold eased to $240,500 (5.8% y/y) from $246,500. The average sales price declined to $282,100 (+4.7% y/y) from $288,300.

Sales of existing single-family homes declined 3.8% last month (-4.8% y/y) to 4.760 million units. Sales of co-ops and condos improved 1.6% (-4.6% y/y) to 620,000.

The number of homes on the market declined 9.5% y/y. The supply of homes for sale rose slightly to 3.4 months, but remained near the record low.

By region, total existing home sales in the Midwest fell 6.0% (-3.8% y/y) to 1.250 million units. Sales in the West declined 5.0% (-9.5% y/y) to 1.140 million units. In the South, sales eased 1.3% (-1.7% y/y) to 2.260 million units. Home sales in the Northeast were off 1.4% (-7.6% y/y) to 730,000 units.

The data on existing home sales, prices and affordability are compiled by the National Association of Realtors and can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is from the Action Economics Forecast Survey, reported in the AS1REPNA database.

The minutes to the latest FOMC meeting are available here.