Existing-home sales increased by nearly 7% between December and January, hitting a seasonally-adjusted, annual rate of 6.5 million, the National Association of Realtors said Friday. Economists polled by MarketWatch expected the pace of home sales to come in at 6.1 million. Compared to a year ago, sales were down more than 2%. The inventory of homes for sale dropped to another record low, as the median price for an existing home rose by more than 15% on an annual basis.
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