Home sales at highest level in seven months
February 27th, 2007, 3:42 pm · Post a Comment · posted by mistywilliams
The stock market may have taken a big plunge today, but the U.S. housing market received a good piece of news with existing home sales reaching the highest level in months.The National Association of Realtors reported Tuesday that existing home sales rose 3 percent in January to a seasonally adjusted annual rate of 6.46 million units — the highest level in seven months. That’s up from a pace of 6.27 million units in December.The association’s chief economist David Lereah said that home sales are expected to rise gradually this year, though the recent winter storms pelting much of the country this month may have a dampening impact on sales.The national median existing home price was $210,600 last month, down from $217,400 in January 2006. There are currently about 3.55 million homes for sale on the market — roughly 6.6 months worth of inventory. Read more on the latest national housing market numbers here.
