Reuters reports that home resales in the U.S. fell sharply to their lowest level in nine months in January.
Data from the NAR showed that home sales declined 4.9 percent to an annual rate of 4.82 million units. Tight inventories are blamed for hurting sales by limiting the selection of houses available to potential buyers.
Analysts say that though there is hope that the tightening labor market “would spur sturdy wage growth and pull first-time buyers in to the market,” the housing recovery could remain sluggish if inventory does not pick up.
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