Previously Owned U.S. Home Sales Climb to 4.92 Million
By Shobhana Chandra - Feb 21, 2013 10:00 AM ET ..
Sales of previously owned U.S. homes increased in January, showing more momentum for the industry coming off its best year since 2007.
Purchases of existing houses, tabulated when a contract closes, increased 0.4 percent to a 4.92 million annual rate, figures from the National Association of Realtors showed today in Washington. The median forecast of 79 economists surveyed by Bloomberg called for a 4.9 million pace. The number of available properties slumped to the lowest level since 1999.
A sustained pickup in housing will depend on faster progress in the labor market, fewer foreclosures and easier access to credit. Mortgage rates close to all-time lows and the prospect of firming prices may induce buyers to return to the market at a time the available supply of homes is shrinking, posing a potential restraint on sales.
“Housing will continue to be the bright spot of the economy,” Robert Rosener, an economist at Credit Agricole CIB in New York, said before the report. “Low mortgage rates are helping spur demand for homes. As prices are starting to move up, a little more confidence has returned to the market.”
Estimates in the Bloomberg survey ranged from 4.7 million to 5.1 million. The prior month’s pace was revised to 4.9 million from a previously reported 4.94 million.
Today’s report includes the Realtors’ group’s annual revisions to sales and months’ supply data from 2010 through last year. Some 4.66 million previously owned houses were sold last year, the most since 2007.
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