Industry NewsMarkets & Economy

NAR: Existing-home sales rise 11.5%

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Sales of previously owned homes rose 11.5 percent year-over-year in January, to a seasonally adjusted annual rate of 5.05 million units, up from 4.53 million units in January 2008. January sales fell from a rate of 5.44 million in December 2009, the National Association of Realtors reported. "Most of the completed deals in January were based on contracts in November and December. People who got into the market after the homebuyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales," said Lawrence Yun, the association's chief economist. Although total inventory of existing homes for sale fell slightly month-to-month (0.5 percent), to 3.27 million, that's 9.6 percent below a year ago and the lowest level since March 2006, the report said. January's inventory represents a 7.8-month supply at the current sales rate, up from a 7.2-month supply the month before, the report said. A supp...