Existing home sales rise, prices hit 2002 low

(Reuters) - Sales of previously owned U.S. homes rose unexpectedly in January, but prices tumbled to the lowest in nearly nine years, an industry group said on Wednesday.

The National Association of Realtors said sales climbed 2.7 percent month over month to an annual rate of 5.36 million units from a downwardly revised 5.22 million pace.

Economists polled by Reuters had expected January sales to fall 2.1 percent to a 5.24 million-unit pace from the previously reported 5.28 million units in December.

Compared with January last year, sales were up 5.3 percent. The median home price fell 3.7 percent from a year-ago to $158,800, the lowest since April 2002.

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