US home sales edge upwards

US existing home sales rose unexpectedly in January. The National Association of Realtors said sales climbed 2.7 per cent month-on-month to an annual rate of 5.36m units, from a downwardly revised 5.22m units annual rate for the previous month. “The upward trend in existing home sales is set to remain slow and steady rather than speedy and spectacular,” said Paul Dales of Capital Economics.