Sales of homes experienced a large drop of 8.4%, CNBC reported.
The median price for a home sold in January was $396,800, up 0.9% year over year and the highest January price on record.
The house inventory lowered from December to January but was still up 3.4% year over year.
The chief economist for the National Association of Realtors, Lawrence Yun, is calling it “a new housing crisis.”
