Existing Home Sales Rise In January
Existing sales of single-family homes, townhomes, condominiums and co-ops rose 4.3 percent to 4.5 million in January, up from a revised 4.3 million in December, according to the National Association of Realtors.
Year over year, existing sales were up seven-tenths of a percent from 4.5 million in January 2011.
Inventory also declined, which is viewed as a good sign in the real estate industry. Housing inventory at the end of January fell four-tenths of a percent to 2.3 million homes for sale, which represents a 6.1-month supply. That was down from a 6.4-month supply in December.
NAR Economist Lawrence Yun said in a statement that the upward trend makes sense considering pent-up household formation, record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents.
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