U.S. home resales surged to a nearly 10 year high in January.
Wednesday’s report from the National Association of Realtors says existing home sales jumped 3.3 percent to an annual rate of 5.69 million homes.
The report says sales are being hampered by the smaller-than-usual number of homes available for sale. The real estate industry group also says sales were up 3.8 percent from the same period a year ago.
Sales growth was stronger than many experts predicted, perhaps because they thought rising prices and interest rates might cool the market a bit.
Economists may get more insight in possible interest rate hikes later Wednesday when Federal Reserve officials publish notes from their most recent policy meeting.