Existing home sales went up in Feb 5.1% over Jan. sales. Buyers are taking advantage of the lower prices.
Sales had been expected to be lower during this time. Annual rate of homes sold was now at 4.72 million for last month. It is the largest increase in slaes since 2003. Entre level home buyers are getting in on the low prices of distressed sales. This portion of prices accounts for 40 to 45 % of the sales.
Feb. median price rose a small amount over Jan. price which had recorded the lowest price since 2002. We are still down 28% from the high of 2006.
Buyers are shopping for homes that are within their budget. They aren't going for houses or mortgages that will lead them into trouble in the future.
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