U.S. Feb. existing-home sales rise 5.1% on deep discounting

A bit of good news on housing for a change. A 5.7% increase in inventories to 9.7 months is a cause for concern.-Lou

U.S. Feb. existing-home sales rise 5.1% on deep discounting

WASHINGTON (MarketWatch) - Sales of pre-owned homes rose 5.1% to a seasonally adjusted annual rate of 4.72 million in February, boosted 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 surveyed by MarketWatch 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.