WASHINGTON - U.S. home sales fell in January amid a dearth of houses, but the supply squeeze is likely to ease as building permits and the number of homes under construction are at levels last seen nearly 13 years ago.
December’s sales pace was revised down to 5.53 million units from the previously reported 5.54 million units. The government reported on Wednesday that permits for future home construction jumped 9.2% in January to the highest level since March 2007. The inventory of homes under construction in January was the highest since February 2007.The housing market is being boosted by the lowest mortgage rates in more than three years and could help to keep the economic expansion, now in its 11th year, on course, amid risks from the coronavirus, slowing consumer spending and weak business investment.
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