Home sales improve

WASHINGTON – Home sales in December reached their highest pace in nearly a year. The gain coincided with other signs that the troubled housing market improved at the end of last year.

Economists noted that conditions are in place for further gains this year.

Sales of previously occupied homes rose 5 percent to a seasonally adjusted annual rate of 4.61 million in December, the National Association of Realtors said Friday. It’s the best level since January 2011.

For all of 2011, sales totaled only 4.26 million. That’s up slightly from 4.19 million in the previous year. But it’s far below the 6 million that economists equate with healthy housing markets.

Associated Press