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Home sales rise in January

Home sales recently increased in the month of January.

Home sales recently increased in the month of January.

According to a recently released report by the National Association of Realtors, existing home sales increased in January, marking the third gain in four months.

Existing home sales, which included completed transactions of single-family homes, town homes, condos and co-ops, increased 4.3 percent to a seasonally adjusted annual rate of 4.57 million in January.

Total housing inventory available at the end of January decreased 0.4 percent to 2.31 million existing homes, which some Americans are in hopes of packing up and moving into.

“The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers,” said Lawrence Yun, NAR chief economist. “Foreclosure sales are moving swiftly with ready homebuyers and investors competing in nearly all markets. A government proposal to turn bank-owned properties into rentals on a large scale does not appear to be needed at this time.”

Freddie Mac also recently released its Economic and Housing Market Outlook for February, which showed slight signs of improvement that were fueled by low interest rates.