Sales of existing homes posted an unexpected increase in February. This follows six straight months of declining sales. The National Association of Realtors said that sales of existing homes rose by 2.9 % in February to 5.03 million units. It was the biggest increase in a year and caught most economists by surprise. Most had been expecting a small decline.
By region of the country, sales surged by 11.3 percent in the Northeast and were up 2.5 percent in the Midwest and 2.1 percent in the South. The only region of the country to see a decline in the sales was the West, where they dropped by 1.1 percent.
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