Sales of existing homes in the country climbed 1% to an annual rate of 4.87 million units, according to the National Association of Realtors. The increase was reported after three consecutive months of declines and allowed sales in 2013 to reach their highest levels in seven years. However, home resales weakened at the end of the past year as rising prices made homes less affordable because of slow income growth, according to Lawrence Yun, the organization's economist.

Related Summaries