Amadeusz Juskowiak

January housing sales drop realty group says

Sales of previously owned homes dropped 145 pct in January to a seasonally adjusted annual rate of 347 mln units the National Association of Realtors NAR said

But the December rate of 406 mln units had been the highest since the record 415 mln unit sales rate set in November 1978 the group said

The drop in January is not surprising considering that a significant portion of Decembers nearrecord pace was made up of sellers seeking to get favorable capital gains treatment under the old tax laws said the NARs John Tuccillo

Reuter