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News Link • Housing

Existing Home Sales Rise 0.8%, Prices Rise For 12th Straight Month

• Business Insider

This missed expectations for a 1.6 percent rise to an annual rate of 5 million.

January's reading was revised up to reflect a 0.8 percent rise in sales to an annual rate of 4.94 million.

The national median existing-home price was up 11.6 percent on the year to $173,600. This was the 12th straight monthly rise. The last time home prices were up for 12 months in a row was from June 2005 to May 2006.

Total housing inventory was up 9.6 percent to 1.94 million existing homes at the end of February. This represents a 4.7-month supply of homes at current sales pace, up from 4.3 months in January.

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