Feb. Home Sales Increase +5.1%, Highest Since '03
The Wall Street Journal reports that "Existing-Home Sales Rebound, But Prices Plunge":
Existing-home sales rebounded in February, climbing above expectations, but prices plunged again. Home resales climbed to a 4.72 million annual rate, a 5.1% increase from January's unrevised 4.49 million annual pace, the National Association of Realtors (NAR) said today (data here).
The February resales level of 4.72 million reported Monday by NAR was above Wall Street expectations of a 4.48 million sales rate for previously owned homes. The 5.1% increase was the largest since 5.6% in July 2003.
MP: Alternative headline would be "Existing-Home Sales Rebound, BECAUSE Prices Plunge: The Law of Demand Works."