Existing home sales fell -4.9% MoM and were up 2.0% YoY to 4.08 million, below expectations of a 4.12 million rate, in January.

• The median existing home sales increased 4.8% YoY to $396,900.
• Existing home inventory increased 3.5% MoM and 16.8% YoY to 1.01 million or 3.5 months supply (up from 3.2 in December).