U.S. home sales jump more than 4 percent in Jan.
Well, it's about time we got some good news regarding the home market... I came across this just today and wanted to share it with everyone! It's going to be a GOOD year!
Sales of previously occupied homes rose in January to the highest pace in nearly two years, flashing modest signs of health ahead of the spring-buying season, The Associated Press reports.
The National Association of Realtors said Wednesday that U.S. sales increased 4.3 percent last month to a seasonally adjusted annual rate of 4.57 million. That's the highest level since May 2010.
Home sales have risen in three of the past four months. But they remain well below the 6 million that economists equate with a healthy market.
The report offered a mixed picture of the slowly improving housing market. The number of first-time buyers, who are critical to a housing recovery, increased slightly to make up 33 percent of all sales. That's still below 40 percent, which tends to signal a healthy market.
Sales of homes at risk of foreclosure also increased to 35 percent of all purchases. Those sales hurt the market by lowering broader home prices.
The Realtors group also revised December's sales figures to show a 0.5 percent decline. It had initially reported a 5 percent increase.