Home Sales Up in January

February 22, 2012 Updated Feb 22, 2012 at 6:37 PM EDT

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Home Sales Up in January

February 22, 2012 Updated Feb 22, 2012 at 6:37 PM EDT

(National Association of Realtors news release) Existing-home sales rose in January, marking three gains in the past four months, while inventories continued to improve, according to the National Association of Realtors.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 4.3 percent to a seasonally adjusted annual rate of 4.57 million in January from a downwardly revised 4.38 million-unit pace in December and are 0.7 percent above a spike to 4.54 million in January 2011.

Lawrence Yun, NAR chief economist, said strong gains in contract activity in recent months show buyers are responding to very favorable market conditions.

“The uptrend in home sales is in line with all of the underlying fundamentals – pent-up household formation, record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents,” Yun said.

Read the entire National Association of Realtors news release HERE.