The monthly report, issued jointly with the U.S. Department of Housing and Urban Development, said that the seasonally adjusted annual rate of 588,000 homes sold was the lowest since 1991.

The median price for a single-family home in January was $216,000, while the average price for a single-family house sold for $276,000, the report said.

At the current rate of sales, the stockpile of 482,000 of homes currently for sale would take 9.9 months to sell, the report said.