Existing home sales refer to the resale of previously owned homes, as opposed to new construction. These sales are a key indicator of the housing market's health. High mortgage rates and elevated home prices can significantly impact affordability and demand. - Existing home sales in the U.S. decreased by 4.9% in January, reaching a seasonally adjusted annual rate of 4.08 million units. - The decline in sales is attributed to high mortgage rates and elevated home prices, which are deterring potential buyers. - The median price of a home sold in January was $396,900, marking a 4.8% increase from the previous year and the highest January price on record. - Economists surveyed by The Wall Street Journal had anticipated a smaller decline of 2.6% in January home sales. - Despite a wider selection of properties on the market, rising mortgage rates and prices are putting off many would-be homebuyers.