Existing home sales climbed up 4.3 percent in January, marking the third time in four months the figure increased, according to the National Association of Realtors (NAR).
Total existing-home sales reached a seasonally adjusted annual rate of 4.57 million in January from a downwardly revised 4.38 million-unit pace in December, and they are 0.7 percent above a spike to 4.54 million in January 2011.
Meanwhile, single-family home sales rose 3.8 percent to a seasonally adjusted annual rate of 4.05 million in January from 3.90 million in December, and are 2.3 percent above the 3.96 million-unit pace in January 2011. The median existing single-family home price was $154,400 in January, down 2.6 percent from January 2011.
"The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers," said Lawrence Yun, NAR chief economist. "Foreclosure sales are moving swiftly, with ready home buyers and investors competing in nearly all markets. A government proposal to turn bank-owned properties into rentals on a large scale does not appear to be needed at this time."
NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said buying power is enticing more potential home buyers. "Word has been spreading about the record high housing affordability conditions, and our members are reporting an increase in foot traffic compared with a year ago," he said. "With other favorable market factors, these are hopeful indicators leading into the spring home-buying season. We're cautiously optimistic that an uptrend will continue this year."
