WASHINGTON — Existing home sales increased 2.7% in January to a seasonally adjusted 5.36 million as the median sale price fell to the lowest level in almost nine years, the National Association of Realtors reported Wednesday.
December sales were revised lower to 5.22 million from 5.28 million reported last month.
Economists expected 5.220 million home sales for January, according to the median estimate.
Lawrence Yun, NAR's chief economist, said the growth in January is encouraging. Sales are increasing as job growth slowly increases and as the stock market rebounds.
Specifically, rising rent prices are starting to "tip some renters into considering ownership," he said.
