2012 homes sales reach 4.65 million

Existing home sales role +.4% in January creating an annual pace of 4.9 million units. This is the second highest level in 3 years reported by the National Association of Realtors. This rate for 2012 as up 9.2% over 2011. First time home buyers accounted for 30% of sales in December, short of the 40% usually found in a robust market. Economists look for 5.5 million home sales as a strong market. Low inventory levels continue to hold back market expansion.