Sales of previously-owned homes in the United States hurtled to their highest peaks in a decade in January, a sign of durable demand in the face of higher mortgage rates and leaner supply.
Figures released Wednesday by the National Association of Realtors showed existing-home sales ran at a seasonally adjusted annual pace of 5.69 million, or 3.3% above an upwardly-revised 5.51 million in December and 3.8% higher than a year ago.
A survey of economists showed forecasts of a 5.55 million rate in January.
The figures also showed there were 3.6 months’ worth of homes available for sale south of the border in January, the 20th consecutive month in which inventory declined on a yearly basis. Homes available for sale declined 7.1% compared to a year ago – even as prices spiked 7.1% higher. The median price was $228,900.
