U.S. Home Sales Increase in January Amid Easing Mortgage Rates

Sales of previously owned homes rose 3.1% in January, signaling a modest recovery in the housing market despite ongoing challenges.

Existing home sales rose 3.1% in January from December, reaching a seasonally adjusted annual rate of 4 million units.
The national median sales price for homes increased by 5.1% from January last year to $379,100.
Inventory of homes for sale slightly improved, with a 3-month supply at the current sales pace.
Mortgage rates, after peaking at 7.79% last year, have eased but are trending higher again, posing potential challenges for buyers.
The market saw a significant share of cash deals, with 32% of homes sold for cash in January.