U.S. existing-home sales rebound strongly in February

The National Association of Realtors (NAR) announced on Friday that the U.S. existing home sales climbed 11.8 percent to a seasonally adjusted rate of 5.51 million in February from an unrevised 4.94 million in January. 

Economists had forecast home resales increasing to a 5.10 million-unit pace last month. 

According to the report, single-family home sales stood at a seasonally adjusted annual rate of 4.94 million in February, up from 4.36 million in January and down 1.4 percent from 5.01 million a year ago. Meanwhile, existing condominium and co-op sales were at a seasonally adjusted annual rate of 570,000 units in February, unchanged from last month and down 5.0 percent from a year ago. 

In y-o-y terms, existing-home sales fell 1.8 percent in February.

The NAR’s chief economist Lawrence Yun credited a number of aspects to the jump in February sales. "A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound."