The National Association of Realtors (NAR) announced on Friday that the U.S. existing home sales fell 1.3 percent m-o-m to a seasonally adjusted rate of 5.46 million in January 2020 from a revised 5.53 million in December 2019 (originally 5.54 million).

Economists had forecast home resales decreasing to a 5.43 million-unit pace last month.

In y-o-y terms, existing-home sales climbed 9.6 percent in January.

According to the report, single-family home sales stood at 4.85 million in January, down from 4.91 million in December, and up 9.7 percent from a year ago. The median existing single-family home price was $268,600 in January 2020, up 6.9 percent from January 2019. Meanwhile, existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 610,000 units in December, down 1.6 percent from December but 8.9 percent higher than a year ago. The median existing condo price was $248,100 in January, an advance of 5.7 percent from a year ago.

Lawrence Yun, NAR's chief economist, found the outlook for 2020 home sales promising despite the drop in January. "Existing-home sales are off to a strong start at 5.46 million." Yun said. "The trend line for housing starts is increasing and showing steady improvement, which should ultimately lead to more home sales."