Home resales south of the border unexpectedly rose in January, reaching a six-month high, in the latest sign that the U.S. economy remains on firmer ground despite slowing global growth and tightening financial market conditions.
America's National Association of Realtors said Tuesday existing home sales increased 0.4% to an annual rate of 5.47 million units, the highest level since July. Last month's sales pace was also the second highest since 2007.
December's sales pace was revised slightly down to 5.45 million units from the previously reported 5.46 million. Sales rose strongly in the U.S. Northeast, despite a massive snowstorm, and were also up in the Midwest.
Economists had forecast home resales decreasing 2.9% to a pace of 5.32 million units last month. Sales stateside were up 11% from a year ago.
The median price for a previously owned home increased 8.2% to $213,800 U.S. from a year ago, and more first-time buyers entered the market.
The housing report added to retail sales, industrial production and employment data in suggesting that the economy in the United States regained some momentum after slowing to a crawl in the fourth quarter of 2015.
