US home sales declined in January

Sales of previously owned homes in the United States fell by 5.3 per cent to an annual rate of 4.49 million last month. The news reverses the unexpected jump in the measure in December, when sales rose to 4.74 million. The report from the National Association of Realtors also revealed that the median price of a home declined by 14.8 per cent compared with a year ago, falling to $170,300 (£119,600), the lowest level since March 2003, when it stood at $169,400.