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For the first time since July, sales of U.S. existing homes rose in February for the first time as prices posted a record drop from their year-ago level, but economists said it was unlikely the market had reached a bottom.
Published on March 25, 2008
According to the National Association of Realtors, sales of previously owned homes rose 2.9 percent in February to a 5.03 million-unit annual rate, bucking expectations on Wall Street for a decrease.
While the rise broke a six-month streak of declining sales, prices continued to slip. The trade group said median prices fell 8.2 percent from their year-ago level to $195,900. It was the biggest year-on-year drop on record dating to 1968.
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