Sales of previously owned U.S. homes dropped in January to the lowest level in more than a year as harsh winter weather combined with a lack of supply, strict lending rules and declining affordability to depress demand.
Most U.S. stocks rose, with the Standard & Poor’s 500 Index climbing to within eight points of a record, as a $25 billion deal to acquire Forest Laboratories Inc. offset slower growth in New York-area manufacturing.
Natural gas and oil led a gauge of commodities to a five-month high as a winter storm in the U.S. Northeast boosted fuel demand and coffee surged amid a drought in Brazil. The Standard & Poor’s 500 Index rose a third day.
Suzanne Baker and her siblings bought a foreclosed home in Atlanta two years ago, added a fourth bathroom, then waited for values to rebound before considering a sale. Now, she says, they’re ready to cash in.
D.R. Horton Inc., the largest U.S. homebuilder by revenue, rose the most in a year after reporting that it’s charging more for houses and that sales are strengthening heading into the busiest season for demand.