January existing-home sales drop as confidence wanes

WASHINGTON -- Despite lower mortgage interest rates, existing single-family home sales dropped in January in tandem with the slowing economy and declining consumer confidence, according to the National Association of Realtors (NAR).

Existing-home sales fell 6.6% to a seasonally adjusted annual rate of 4.65 million units in January from a pace of 4.98 million units in December. However, last month's sales activity was 2.4% above the 4.54-million unit pace in January 2000.