U.S. Economy: Existing Home Sales Climb to Eight-Month High

Sales of U.S. previously owned homes unexpectedly climbed in January to the highest level in eight months as investors used all-cash transactions to snap up distressed properties.

Purchases increased 2.7 percent to a 5.36 million annual rate, figures from the National Association of Realtors showed today in Washington. The share represented by foreclosures and short sales rose to a 12-month high, pushing the median price to the lowest level in almost nine years.