Sunday, March 25, 2007
Existing-home sales surge 3.9% in February
Sales of existing homes unexpectedly rose 3.9% in February to a seasonally adjusted annual rate of 6.69 million, the National Association of Realtors reported Friday. The sales pace is the highest since April. The 3.9% gain was the largest since March 2004, exceeding expectations of a decline to about 6.35 million. Sales have risen three months in a row for the first time in three years. Sales are down 3.9% compared with a year ago. Inventories of unsold homes rose 5.9% to 3.75 million, representing a 6.7-month supply. Inventories are not seasonally adjusted. The median price of a home fell 1.3% year-over-year to $212,800, the seventh straight monthly decline.