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.

Tight conditions are squeezing buyers across the country. In Westchester County, New York, real estate agent Pamela Grunstein is navigating a market that has 1.6 months of supply – a far cry from the 6 months or so that’s long been considered the sign of an evenly balanced market.

Sales of previously occupied U.S. 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.