Home Resales Higher Than Expected in February

Washington, DC, March 23, 2009--Home resales rose 5.1% to a seasonally adjusted annual rate of 4.72 million in February, aided by "deep price discounts," the National Association of Realtors reported Monday.

It was the largest percentage gain since July 2003. Sales are down 4.6% in the past year, the industry trade group reported. Economists were expecting a decline to a 4.45 million pace from January's 4.49 million annual rate.

The median sales price dropped 15.5% in the past year to $165,400. Inventories of unsold homes on the market rose by 5.2% to 3.80 million, a 9.7 month supply at the February sales pace.