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Economic Report: Existing-home sales tumble at the fastest pace in more than 3 years as supply crunch deepens

The numbers: Existing-home sales ran at a seasonally adjusted annual pace of 5.38 million in January, the National Association of Realtors said Wednesday.

What happened: Sales of previously-owned homes slid 3.2% in January, the second consecutive monthly decline, the Realtor group said. Sales were 4.8% lower than a year ago, the steepest annual decline in more than three years.

Economists surveyed by MarketWatch had forecast a 5.59 million annual pace.

Read: For Black History Month, a look at African-American home ownership

The big picture: It’s still all about supply – or lack of it – in the housing market.

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