Sales of previously occupied U.S. homes fell in January as rising mortgage rates and prices put off many would-be homebuyers.

Existing-home sales fell in the first month of the year as buyers continued to struggle with high home prices and 7% mortgage rates. Home sales fell 4.9% in January to a 4.08 million pace. That’s the number of homes that would be sold over an entire year if sales took place at the same rate in every month as they did in December.

U.S. existing home sales dropped more than expected in January after three straight monthly increases as high mortgage rates and house prices stifled demand. Home sales decreased 4.9% last month to a seasonally adjusted annual rate of 4.

Sales of previously occupied US homes fell in January as rising mortgage rates and prices put off many would-be homebuyers despite a wider selection of properties on the market. Sales fell 4.9% last month from December to a seasonally adjusted annual rate of 4.