Existing-home sales rebounded in December, the New York Times reports. But low participation by first-time buyers suggests the recovery would remain gradual for a while.
The sale of existing homes increased 2.4 percent to an annual rate of 5.04 million units last month, slightly below economists’ expectations for a pace of 5.06 million units. First-time buyers made up 29 percent of transactions in December as well as for the year as a whole.
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