Existing-home sales rose in January, marking three gains in the past four months, while inventories continued to improve, according to the National Association of Realtors.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 4.3% to a seasonally adjusted annual rate of 4.57 million in January.
December had come in at 4.38 million-unit pace, lower than first reported. This year's first-month pace is 0.7% percent above January 2011.
The Realtors reported that total housing inventory at the end of January fell 0.4% to 2.31 million existing homes available for sale, which represents a 6.1-month supply at the January sales pace. At December's rate, the inventory then was 6.4 -months.
