Home sales dip more than three-percent

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Home sales dip more than three-percent. Gray Hall reports during Action News at 6 a.m. on February 24, 2018. (WPVI)

Sales of existing homes have dropped more than three-percent, but it's not because people aren't looking.

Rising supplies and a shortage of available homes are to blame for the unexpected fall in prices, according to the National Association of Realtors.

The drop from December to January is the second straight decline in sales for homes.

The number of homes for sale has dipped by 1.5-million, which is the fewest for any January since record-keeping began in 1999.

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