Existing home sales rose 3% in January 2024
A real estate agent walks into a home for sale in Lancaster, Ohio.Ty Wright | Bloomberg | Getty ImagesSales of previously owned homes rose 3.1% in January to 4 million units on a seasonally adjusted annualized basis, according to the National Association of Realtors. Sales were down 1.7% year over year.The count is based on closings, so the contracts were likely signed in November and December, when mortgage interest rates backed off their October high of 8%. By mid-December, the rates had hit a recent low of around 6.6%.…