Sales of previously owned U.S. homes in January experienced their sharpest annual drop in more than three years as low inventories and rising prices and interest rates took a toll.

Existing-home sales fell 3.2% in January from the previous month to a seasonally adjusted annual rate of 5.38 million, the National Association of Realtors said Wednesday. Economists had expected sales to improve modestly last month after sales also declined in December. 

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