Existing Home Sales Lowest Since 2012
Sales of existing homes fell by 5.10 percent in January according to the National Association of REALTORS. Pre-owned home sales slowed to a seasonally-adjusted annual rate of 4.62 million homes against an expected reading of 4.65 million and December's reading of 4.87 million existing homes sold. Rising home prices are reducing the number of affordable homes and a shrinking inventory of available homes were said to be underlying causes to January's slump in existing home sales. Severe winter weather also contributed to lower sales. January's reading was the lowest for existing home sales since July of 2012. The national inventory…