Existing Home Sales Rose in January

Sales of existing homes rose in January, reaching the highest level in seven months, according to NAR. Total existing-home sales--including single-family, townhomes, condominiums and co-ops--increased 3.0% to a seasonally adjusted annual rate of 6.46 million units in January from an upwardly revised pace of 6.27 million in December. Sales were 4.3% below the 6.75 million-unit level in January 2006. David Lereah, NAR's chief economist, said observers shouldn't overreact to the sales gain, or to other short-term effects. "Although we’re expecting existing-home sales to gradually rise this year, and buyers are responding to the price correction, some unusually warm weather helped boost sales in January," he said. "On the flip side, the winter storms that disrupted so much of the country in February could negatively impact the housing market." (Source: NAR) Full Story . . .