Existing-Home Sales Pick Up

Existing-home sales rebounded in January, climbing 3.1% to a seasonally adjusted annual rate of 4 million, slightly above consensus expectations for 3.97 million sales. Despite January’s improvement, existing-home sales continue to feel the weight of elevated mortgage rates. It’s that special time of the year: tax season. So far, refunds have been low compared with previous years. As of February 14, more than $16 billion in refunds have been issued to taxpayers. This is about $4 billion less than this time last year.