"Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year"
- Lawrence Yun, Chief Economist at National Association of Realtors
Month on month sales of previously owned houses rose more than expected in January, a sign the housing market is recovering. The index of pending home resales rose 2 per cent, after declining 1.9 per cent in December, said the National Association of Realtors.
"Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year," said NAR Chief Economist Lawrence Yun.
"Affordability is keeping the market afloat," Sean Incremona, a senior economist at 4Cast Inc. in New York, said. "We've seen a bottom for home sales. There's a gradual upward trend in demand."
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