Existing home sales in the U.S. experienced a notable decrease of 4.9% in January, marking a continuation of the downward trend in the housing market. Despite an increase in the number of homes for sale, potential buyers are being deterred by soaring prices and mortgage rates, which have reached 7%. This combination has led to the lowest buying pace in 41 years, as affordability challenges persist. While sales of condos and co-ops fared slightly better than single-family homes, the overall market remains mired in a slump, with January sales dropping more than expected and reflecting broader national trends.