Sales of existing homes increased unexpectedly in February as bargain hunters took advantage of a bloated supply and the biggest drop in single-family-house prices in at least 40 years.
After declining for six consecutive months, home sales in February were up 2.9 percent over January but still down 23.8 percent from a year ago, according to a report released yesterday by the National Association of Realtors.
Industry experts said that the increase was good news but warned that it was far too soon to declare a turnaround in a struggling sector that has weighed heavily on the nation's economy.
After declining for six consecutive months, home sales in February were up 2.9 percent over January but still down 23.8 percent from a year ago, according to a report released yesterday by the National Association of Realtors.
Industry experts said that the increase was good news but warned that it was far too soon to declare a turnaround in a struggling sector that has weighed heavily on the nation's economy.
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