29 Feb '12, 1pm

Existing-Home Sales Rise Up, Inventory Down: Sales of existing homes were up in January, for the third month of

Sales of existing homes were up in January, for the third month of gain out of the last four months, even as inventories continued improving, according to the National Association of Realtors. Total existing-home sales - completed transactions of single-family homes, townhomes, condominiums, and co-ops – were at a seasonally adjusted annual rate of 4.57 million in January 2012, up 4.3% from a downwardly revised 4.38 million-unit pace in December 2012 and 0.7% above a spike to 4.54 million in January 2011. "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," said Lawrence Yun, NAR chief economist. Total housing inventory at the end of January 2012 fell 0.4% to 2.31 million existing homes available for sale, or 6.1-month ...

Full article: http://www.appliancemagazine.com/news.php?article=1562914...

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