Existing Home Sales Well Head of Last Year

Washington, DC, March 21, 2012 -- Existing home sales in February were up 8.8% over last year, according to the National Association of Realtors.

However, sales fell 0.9% from January.

Improving job prospects, cheaper homes and warm weather led to the best start to the year since the collapse of the housing market.

NAR said sales in February rose to a seasonally adjusted annual rate of 4.59 million, compared to last year's 4.22 million level. However, they were down from January's revised 4.63 million.

The median price of an existing home rose 0.3% to $156,600 compared to year-ago period.