WASHINGTON, Feb. 21 (Xinhua) -- U.S. sales of previously owned homes fell for the 12th consecutive month in January, as high home prices, record inflation, and high interest rates put a damper on demand.

Existing homes sales dropped 0.7 percent in January from the previous month, according to data released Tuesday by the National Association of Realtors.

Year-on-year, sales of previously owned homes fell 36.9 percent compared with the same period a year ago.