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- U.S. existing homes sales increase 0.4% in January
U.S. existing homes sales increase 0.4% in January
The National Association of Realtors released existing homes sales figures in the U.S. on Tuesday. Sales of existing homes rose 0.4% to a seasonally adjusted annual rate of 5.47 million in January from 5.45 in December. December's figure was revised down from 5.46 million units.
Analysts had expected a decrease to 5.32 million units.
"The housing market has shown promising resilience in recent months, but home prices are still rising too fast because of ongoing supply constraints. Despite the global economic slowdown, the housing sector continues to recover and will likely help the U.S. economy avoid a recession," the NAR chief economist Lawrence Yun said.
Sales to first-time buyers remained unchanged at 32% in January.
"The spring buying season is right around the corner and current supply levels aren't even close to what's needed to accommodate the subsequent growth in housing demand. Home prices ascending near or above double-digit appreciation aren't healthy - especially considering the fact that household income and wages are barely rising," Yun said.
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