Home | China | World | Business U.S. Existing-Home Sales Hit New High in January TUE, FEB 26, 2002     The sales of existing homes in the United States surged 16.2 percent to a seasonally adjusted annual rate of 6.04 million units in January, a new monthly record for existing-home sales, the National Association of Realtors reported Monday. The level of homes sold in January surpassed the previous monthly record rate of 5.49 million set in August 2001. The 16.2 percent record jump in sales exceeded the previous all-time monthly gain of 13 percent in May 1995. Year-on-year, existing-home sales in January were up 14.6 percent. David Lereah, NAR's chief economist, said low interest rates are only part of the picture of existing-home sales and that many other factors are contributing to the record sales. "We've had favorable housing affordability conditions for some time, but what's new is the effect of a gradual increase in consumer confidence combined with a turnaround in the economy. As a result, some people who've held back from major commitments over the last few months have entered the housing market," he said. "In addition, we've had unseasonably mild weather in much of the country that has encouraged potential buyers to move from shopping their computers to visiting real estate offices and homes for sale," he added. In January, the average rate on a 30-year fixed-rate mortgage was 7 percent, down from 7.07 percent in December and lower than 7.03 percent in January 2001, according to Freddie Mac. By region, sales of existing homes surged 23.3 percent in the West to a rate of 1.64 million units. In the Northeast, sales jumped 16.4 percent to a rate of 710,000 units and in the South, they rose 16.1 percent to a rate of 2.38 million units. In the Midwest, sales were up 8.3 percent to a rate of 1.31 million units. The rise in existing-home sales lifted home prices. The median sales prices, meaning half sold for more and half for less, was 151,100 U.S. dollars in January, a 10.2 percent increase from the same month a year ago. Editor:Zhong Source:Xinhua Recommend to your friend email:    China Central Television,All Rights Reserved