Existing-home sales rose again in January for the third consecutive month. According to the National Association of Realtors, sales of existing single-family homes, townhomes, condominiums and co-ops increased 2.7 percent in January, and are 5.3 percent above the sales level in January 2010. This is the first time in seven months that sales activity was higher than a year earlier.
In addition, total housing inventory at the end of January fell 5.1 percent to 3.38 million homes available for sale. This represents a 7.6-month supply at the current sales pace, down from an 8.2 month supply in December. The inventory supply is at the lowest level since December 2009 when there was a 7.3-month supply.
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