WASHINGTON (AP) -- Motivated by low mortgage rates and increasing confidence in the economy, Americans drove up sales of previously owned homes to a monthly record in January.
The National Association of Realtors reported Monday that existing homes sold last month at a seasonally adjusted annual rate of 6.04 million, a whopping 16.2 percent increase over the previous month.
The level of homes sold surpassed the previous monthly record rate of 5.49 million set in August 2001. The 16.2 percent record jump in sales exceeded the previous all-time monthly gain in May 1995.
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