Home sales dropped far below expectations on Wednesday, indicating the housing market downturn is far from over.

Existing home sales fell 5.3% against expectations for a 1.1% increase. December's 6.5% rise was downwardly revised to +4.4%.

Sales of single-family homes fell 4.7% against a 4.7% increase in December, while sales of condos fell 10.2% against a 1.9% increase the month prior.

The average price of a single-family home in January was $212,400.

By Megan Ainscow and edited by Sarah Sussman
©CEP News Ltd. 2009