U.S. House Prices Climbed 0.5% in January as Inventory TightBy
U.S. home prices rose in January as shoppers competed for a limited inventory of listings.
Prices increased 0.5 percent on a seasonally adjusted basis from December, the Federal Housing Finance Agency said Tuesday in a report from Washington. The gain matched the median estimate of 19 economists, according to data compiled by Bloomberg. Prices climbed 6 percent from a year earlier.
The low number of homes on the market is holding back home sales and driving up prices. Closings on purchases of existing homes decreased 7.1 percent to a 5.08 million annual rate in February, a three-month low, after a 5.47 million pace in January, the National Association of Realtors reported on Monday…
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