The uptrend in existing-home sales continues, with January sales rising for the third consecutive month at a pace above year-ago levels, according to the National Association of Realtors.
Existing-home sales - completed transactions that include single-family, townhomes, condominiums and co-ops - increased 2.7% to a seasonally adjusted annual rate of 5.36 million in January from a downwardly revised 5.22 million in December, and are 5.3% above the 5.09 million level in January 2010. This is the first time in seven months that sales activity was higher than a year earlier.
The uptrend in home sales is consistent with improvements in the economy and jobs, which are helping boost consumer confidence,” said Lawrence Yun, NAR chief economist. "The extremely favorable housing affordability conditions are a big factor, but buyers have been constrained by unnecessarily tight credit. As a result, there are abnormally high levels of all-cash purchases, along with rising investor activity.”
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