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Home Sales Drop To Two-Year Low

High interest rates are taking a toll on the housing market, pushing January sales of previously owned homes to the lowest level in nearly two years.

In another report Tuesday, the Conference Board said consumer confidence in the economy slipped last month.

The board’s widely followed index of consumer willingness to borrow and spend fell to 99.0 in February from a revised reading of 101.4 in January. Analysts said while the trend is down the level remains high.

The National Association of Realtors said sales of existing single-family homes totaled 3.59 million at a seasonally adjusted annual rate in January, down from 3.76 million.

The January rate is the lowest since 3.46 million in April 1993 and is 13.9 percent below the 4.17 million pace of a year ago. The Northeast was the only region where sales rose.