US home sales fell in January to their lowest level in more than three years and house prices rose only modestly, suggesting a further loss of momentum in the housing market.

HOME-PRICE gains in the US slowed in the fourth quarter as more listings flooded onto the market.

US home sales tumbled to their lowest level in three years in December and house price increases slowed sharply, suggesting a further loss of momentum in the housing market.

CONTRACT signings to purchase previously owned US homes unexpectedly fell for a second month in November, offering yet another sign that the housing market is struggling.

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