The National Association of Realtors released existing homes sales figures in the U.S. on Monday. Sales of existing homes fell 4.9% to a seasonally adjusted annual rate of 4.82 million in January from 5.07 million in December. That was the lowest level since April 2014.

December's figure was revised up from 5.04 million units.

Analysts had expected a decline to 5.03 million units.

The NAR chief economist Lawrence Yun said that the labour market and economy support buyer demand.

Yun added that January data can be volatile.