On the heals of strong results by Toll Brothers Inc (NYSE:TOL) this week, rising sales of existing homes suggested additional good news for the U.S. housing market.
Having been stuck in a slump in 2023 due to high mortgage rates, which peaked at 7.79% in October, the final quarter saw some improvement in home sales, according the building companies that have already reported sales and earning figures for the October-December period.
On Thursday, data from the National Association of Realtors (NAR) showed that previously-owned homes were sold at an annual rate of four million in January, up from an upwardly-revised 3.88 million in the previous month and beating market expectations of 3.97 million.
Better Supply And Demand
Lawrence Yun, NAR chief economist, said: “While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and demand. Listings were ...