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Federal Housing Administration
Sales of existing homes sag in January
Sales of existing homes sag in January

Amid high prices and tight supply, sales of previously owned homes fell to their lowest rate in nine months in January as the housing market continued its erratic recovery. Americans bought 4.82 million homes -- on a seasonally adjusted annual basis -- in the month, the fewest since April, according to figures out Monday from the National Assn. of Realtors. The data cover existing-home sales, which make up the vast majority of the U.S. housing market. January is often a bumpy month for home sales, as it reflects deals reached during the holiday season. Also, weather is a factor in some parts of the country during the month. A bigger concern, though, is supply: The pool of unsold...