US existing home sales rose in January after December's slowdown, as the US housing market continued to tighten, the National Association of Realtors says.
Sales of existing homes rose to an annual pace of 4.92 million, up 20,000 from the previous month and more than 400,000 from a year earlier, a year-on-year rise of 9.1 per cent, NAR said on Thursday.
The trade group said inventory was tightening, increasingly giving the edge to sellers over buyers.
"Buyer traffic is continuing to pick up, while seller traffic is holding steady," said Lawrence Yun, the NAR's chief economist.
"There is plenty of demand but insufficient inventory to improve sales more strongly. We've transitioned into a seller's market in much of the country."
Inventory of existing, or previously occupied, homes on the market fell to 4.2 months' worth from 4.5 months in December and the 2012 full-year average of 5.9 months, with the supply of condominium and co-operative units tighter than that for single-family homes.
"We expect a seasonal rise of inventory this spring, but it may be insufficient to avoid more frequent incidences of multiple bidding and faster-than-normal price growth," said Yun.
Even so, the median price for housing sold in January, at $US173,600, was the lowest since March 2012 and lower than the 2012 full-year average of $US176,800, NAR data showed.
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