Sales of existing homes fell 0.9% in February after an upward revision to the prior month, as improving job prospects, cheaper homes and warm weather led to the best start to the year since the bursting of the housing bubble.
The National Association of Realtors said sales in February fell to a seasonally adjusted annual rate of 4.59 million, compared to an upwardly revised 4.63 million in January. January sales initially were recorded at a 4.57 million annual rate.
These were the best January and February levels in five years, the NAR said. Economists polled by MarketWatch had expected February sales at a 4.6 million annual rate. Compared to a year ago, sales were up 8.8%.
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