Sales of previously occupied US homes surged in January, as buyers finally took advantage of depressed prices and low borrowing costs, the National Association of Realtors said today.
Sales of "existing homes" rose 4.3%, to reach a seasonally adjusted 4.57 million for the month, up 30,000 from the year before.
"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, chief economist with the association.
