Existing Home Sales Rise to Highest Level Since May

Existing home sales rose for a fourth straight month in January, reaching the highest level since May, the National Association of Realtors said Wednesday.

Sales rose 4.3% to 4.57 million homes from a revised 4.38 million in December that was smaller than first reported.

The level was short of economists’ median forecast of a 4.66 million rate, Bloomberg reported.

The median price of existing homes slipped 2% from a year ago, to $154,700, while single-family home sales rose 4.6%.

 Sales of existing single-family homes rose 3.8% to an annual rate of 4.05 million.

Sales increased in all four national regions, led by an 8.8% jump in the West.