U.S. existing home sales climb 4.3% in January (by Steve Goldstein)

WASHINGTON (MarketWatch) -- Sales of U.S. existing homes rose 4.3% in January and inventories fell to nearly seven-year lows, as lower prices, unusually warm weather and an improving economy all lifted demand. The National Association of Realtors said Wednesday that January sales were at a seasonally adjusted annual rate of 4.57 million, compared to a MarketWatch-compiled economist forecast of 4.7 million. December's sales were downwardly revised to a 4.38 million rate from a previously reported 4.61 million; December sales were downwardly revised as part of a seasonal adjustment that impacted monthly, but not annual, sales. That's not to be confused with the 14% downward revision the trade group recently conducted on sales data from 2007 onwards. Median sales prices in January fell 2% from a year ago to $154,700. Inventories fell 0.4% to 2.31 million, which is the lowest inventory level since March 2005 and represents 6.1 months of supply.