Rebound: US existing-home sales tick up in Feb

WASHINGTON: US existing-home sales rebounded slightly in February but gains were held back by higher prices, the National Association of Realtors said Monday. Total sales of used homes rose 1.2% to an annual rate of 4.88 million units in February, led by sales of single-family homes, the largest part of the housing market. In January, sales had fallen 4.9% month-over-month to the slowest pace in nine months. Sales in February faced unusually cold winter weather and severe snowstorms in large parts of the country. NAR chief economist, Lawrence Yun said that tight inventory was pushing prices to “near-unsuitable levels” in several areas of the country.

Published in The Express Tribune, March 24^th, 2015.

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