Existing home sales in the U.S. dropped significantly in the month of January, hitting a nine-month low, this according to the National Association of Realtors. According to the group, the sale of existing homes dropped to an annualized rate of 4.82 million units, a level not recorded since April 2014.

Theexisting home sales fall lack of inventory for January is being blamed yet it’s also likely the foul weather and frigid temperatures in much of the nation contributed to the decline as well.

The lack of existing inventory is helping to keep home prices higher as new home builders have yet to decide whether or not opening up new permits is a wise move in the current environment. Existing home sales are typically just one part in a multi-leg transaction, triggering a subsequent purchase for a second home, a retirement property or a larger unit. Without the sale of the initial home, transactions down the pike are cancelled, creating a wave effect.

This decline was also in the face of falling interest rates for the month of January. Mortgage rates fell to some of their lowest levels ever before entering a period of increases that began earlier this month, again with first timers feeling the brunt. Higher mortgage rates and stubborn home prices keep a certain class of borrowers away from the closing tables, requiring a lower sales price or borrowing less when making a larger down payment, something first time home buyers and buyers across the spectrum seem to struggle with.

For the remainder of the week, it appears only the Consumer Price Index, or CPI and a second revision of Q4 GDP could move the markets one way or the other. For now, the European-Greek extension for another four months supported equities last Friday, pushing the Dow to another record close.