Home sales declined in January

Existing home sales declined 0.4 percent in January, the National Association of Realtors said Monday.

The year-to-year decline in home sales now stands at 23.4 percent, the worst figure on record.

The unsold homes will take 10.3 months to sell, up from the previous backlog of 9.7 months recorded in December, the report said.

The sale of condos pushed the overall declines, falling 6.5 percent in January, while sales of single-family homes actually rose 0.5 percent, providing at least some positive news, the report said.

Condo sales for the past 12 months have declined 30.2 percent, while single-homes, separate from the total, have declined 22.4 percent over 12 months.

The backlog of unsold homes also creates ripples across other sectors, slowing down construction trades and sales of hardware, lumber, and many other businesses.

Copyright 2008 by United Press International