Existing Home Sales Continue Dropping, Hit 5.05 Million In January, Miss Estimate By Nearly 10%, Down From 6.5 Million In November

January National Association of Realtors existing home sales came in at consensus busting (to the downside) SAAR of 5.05 million, a 7.2% drop from December's 5.44 million, which in turn was 16% lower than November 6.49 million. January consensus was for 5.5 million.

Other data: the biggest deterioration was in the northeast (-10.9% sequentially), total houses sold (-11.1% seq), the months of supply (from 7 to 8), and the decline in both median and average price, coming in at -3.4% and -3.1%, respectively.