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US home sales drop as supply tumbles to 17-year low

Existing home sales decrease 2.8 per cent to seasonally adjusted annual rate of 5.49 million units

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The drop in sales follows three straight months of increases and probably does not signal impending housing weakness, with the labour market near full employment and the economy strengthening.

Washington

US home resales fell more than expected in December as the supply of houses on the market dropped to levels last seen in 1999, but the housing market recovery remained intact against the backdrop of a tightening labour market.

The National Association of Realtors (NAR)

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