More signs of home sales weakness

Realtors' group report shows lowest level in existing sales since it began keeping records in 1999.

The new year picked up where 2007 left off, as sales of existing homes fell in January to the lowest level in nearly a decade, according to a reading by an industry trade group released Monday.

The National Association of Realtors reported that sales by homeowners fell 0.4% in January to an annual pace of 4.89 million, down from the revised December reading of 4.91 million.

The reading was the lowest since the group began reporting annual sales pace in 1999, down 23.4% from a year earlier. Nevertheless, sales narrowly beat expectations. Economists surveyed by Briefing.com expected the report to show existing home sales slowed to an annual pace of 4.8 million.

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