US existing home sales rise 3.1% in January, rebounding from lowest since 2010

By Ovunc Kutlu

ISTANBUL (AA) - US existing home sales rose 3.1% in January, rebounding from December when they marked their lowest since August 2010, according to data released Thursday by the National Association of Realtors (NAR).

Existing home sales, which measure the change in the number of existing residential buildings sold, increased to a seasonally adjusted annual rate of 4 million in January.

The figure was higher than estimates of 3.96 million, while the December figure was revised up to 3.88 million from 3.78 million for a monthly decline of 0.8%.

"While home sales remain sizably lower than a couple of years ago, January's monthly gain is the start of more supply and demand," NAR chief economist Lawrence Yun said in a statement. "Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year."

Sales in January were down 1.7% from 4.07 million recorded in January 2023.

The median existing-home sales price climbed 5.1% from January 2023 to $379,100 last month, marking the seventh consecutive month of year-on-year price gains, according to the NAR.