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Saturday 26th of February 2011
February 24, 2011    

NAR reports rise in US homes sales in January

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by Kay Murchie
NAR reports rise in US homes sales in January

The National Association of Realtors (NAR) has revealed sales of previously owned homes in the US rose in January.

The industry body said sales grew 2.7% in January to a seasonally adjusted annual rate of 5.36 million units – beating forecasts of 5.23 million units.

Sales were also up 5.3% compared with January 2010 levels.

Economists had expected a lower reading due to the bad weather that gripped parts of the country during the month.

Of the January sales, more than one third were for foreclosed properties.

“This is the first time in seven months that sales activity was higher than a year earlier,” the NAR said.

Sales reached a high of 7 million units annually in September 2005 as the housing bubble reached its peak. However, they slumped to a 15-year low in the summer of 2010, to below 4 million units.

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