"I don't think we're seeing a full-fledged recovery in housing"
- Michelle Meyer, a senior economist at Bank of America Corp.
U.S. home sales rose in January to the highest level since May 2010, a sign the housing market is regaining its footing. Existing home sales rose 4.3 per cent to a 4.57 million annual rate from a revised 4.38 million in December, said the National Association of Realtors on Wednesday.
"I don't think we're seeing a full-fledged recovery in housing," said Michelle Meyer, a senior economist at Bank of America Corp. in New York.
"Outside of investors and people wanting to buy distressed properties, the primary housing demand is recovering much more gradually."
"Overall this is not such a bad number. It's reflective of a better jobs market, but the improvement is going to be in fits and starts," said Yelena Shulyatyeva, U.S. economist at BNP Paribas in New York.
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