Existing-home sales hit new record in January, says NAR

Sales of existing single-family homes rose to a new monthly record in January as home prices continued to show strong gains, according to the National Association of Realtors.

Existing-home sales increased 3 percent in January to a seasonally adjusted annual rate of 6.09 million units from an upwardly revised level of 5.91 million in December. Last month's sales activity was 2.2 percent above the previous record high of 5.96 million units in January 2002.