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Existing home sales plunge in January

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(Read caption) This chart shows the rate of existing single family home sales over the past six years. After two years of steady growth, home sales fell in the latter half of 2013 and into January.

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On Friday, the National Association of Realtors (NAR) released their Existing Home Sales Report for January showing plunging sales with total home sales falling 5.1% since December and falling 5.1% below the level seen in January 2013. 

Single family home sales also crashed dropping 5.8% from December falling a notable 6% below the level seen in January 2013 while the median selling price increased 10.4% above the level seen a year earlier. 

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Inventory of single family homes increased from December to 1.69 million units and climbed 7% above the level seen in January 2013 which, along with the sales pace, resulted in a monthly supply of 5.0 months.

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The following charts (click for full-screen dynamic version) shows national existing single family home sales, median home prices, inventory and months of supply since 2005.