Sales of existing homes posted an unexpected increase last month after six straight months of decline, according to the National Association of Realtors (NAR).
NAR reported that sales of existing homes rose by 2.9 percent in February to a seasonally adjusted annual rate of 5.03 million units, the biggest increase in a year.
The median existing sales price last month fell to $195,900. That was the largest year-over-year drop on records that go back to 1999.
Sales surged by 11.3 percent in the Northeast and were up 2.5 percent in the Midwest and 2.1 percent in the South. The only region that had a decline was the West, where sales dropped by 1.1 percent.
Source: Associated Press