US existing-home sales edge higher in January

US existing-home sales edged higher in January, while tight inventory drove prices higher at the fastest pace since last April, the National Association of Realtors said Tuesday. Sales of previously owned homes rose 0.4 percent to an annual rate of 5.47 million units in January, the NAR said. Sales gains were broad, with only the West showing a decline, and pointed to a strong start to 2016 for the housing market, a bright spot in the modestly growing US economy.