U.S. home resales hit three-year low

WASHINGTON — Sales of existing U.S. homes declined 1.2% in January to a seasonally adjusted annual rate of 4.94 million units, according to the National Association of Realtors. That figure was the lowest since November 2015 and fell considerably short of analyst estimates of 5 million units. Compared to a year ago, sales were down 8.5%. At the same time, December’s estimated rate was revised slightly upward.