US existing home sales saw a surprise rebound in February, rising 5.1% to a stronger-than-expected annual pace of 4.72 million units, the National Association of Realtors said today.
The rise marked a hopeful sign for a sector reeling over more than two years, but the industry group cautioned that sales remain weak and prices continued to fall.
The national average existing-home price for all housing types was $165,400 in February, down 15.5% from a year ago.
The level of home sales was well above expectations of an annual pace of 4.45 million but it remained down 4.6% from a year ago.
'Seasonal adjustment factors are more volatile in winter months, but sales rates over the past few months show dampened sales activity,' the association said.
It added that first-time buyers accounted for half of all home sales last month, with activity concentrated in lower price ranges.
