Home Resales in U.S. Rise 3.9%, Most in Three Years
Published March 23rd, 2007
Sales of previously owned homes in the U.S. unexpectedly rose 3.9 percent in February, the biggest monthly gain in almost three years, a sign the housing market is recovering even as lending standards tighten.
Purchases increased last month to an annual rate of 6.69 million, from 6.44 million in January, the National Association of Realtors said today in Washington. Sales were down 3.6 percent from a year earlier.
The report, together with a gain in February housing starts reported this week, bolsters the view that housing will gradually stop being a drag on economic growth. Falling prices and low borrowing costs are supporting demand, easing concern that defaults on subprime mortgages will worsen the glut of homes, economists said.
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