Home sales rose in January as easing mortgage rates, inventory enticed homebuyers

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — Sales of previously occupied U.S. homes rose in January as homebuyers seized upon easing mortgage rates and a modest pickup in properties on the market. Existing home sales rose 3.1% last month from December to a seasonally adjusted annual rate of 4 million, the National Association of Realtors said Thursday. That’s the strongest sales pace since August. The modest sales increase is an encouraging start for the housing market, which has been mired in a slump the past two years. Sales fell 1.7% compared with January last year, however. Existing home sales sank to a nearly 30-year low last year, tumbling 18.7% from 2022.