Existing Home Sales Rise to Highest January Rate Since 2005

Existing Home Sales Rise to Highest January Rate Since 2005

Sales of previously occupied homes in the United States rose in January to a seasonally adjusted, annualized rate of 6.69 million units, according to the National Association of Realtors.

That is the second-highest rate of sales on record for January, typically a slow month for home sales, and the highest since 2005.  It is 23.7 percent higher compared with a year ago and 0.6 percent higher than a month earlier. And it is the second-highest sales pace since April 2006.

“Home sales are continuing to play a part in propping up the economy,” said Lawrence Yun, chief economist for the NAR. “With additional stimulus likely to pass and several vaccines now available, the housing outlook looks solid for this year.”

Economists had forecast s decline after a much better than expected December. December was revised down.

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The supply of homes on the market is very low at just 1.04 million, down

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