Existing Home Sales Hit 8-Month High

Existing home sales rose 2.7% in January to the highest level in eight months, the National Association of Realtors said Wednesday.

The annual rate of 5.63 million, was bigger than economists estimates of a decline to a 5.22 million rate, Bloomberg reported. The NAR revised the December figure down to 5.22 million.

The median price of existing homes fell 3.7% from a year ago to $158,000, Bloomberg said.