Existing Home Sales Up

The National Association of Realtors announced this morning that existing homes sales are up for the first time in over six months. Sales increased 2.9% in February to an annual rate of 5.03 million units, from the 4.89 million unit pace in January. The 2.9% rise is the largest monthly increase in home sales in a year. Sales of condos rose 3.7% in February to a 560,000 unit pace. Sales in the Northeast rose 11.3%.