US home sales up 3.9 percent as market shows rebound

0 Comments | AFP, March, 2007

WASHINGTON (AFP) — US home sales rose 3.9 percent in February as the struggling real estate market showed some signs of a rebound, industry data showed Friday.

The National Association of Realtors (NAR) said existing home sales improved to an annualized pace of 6.69 million, well ahead of market expectations of a pace of 6.30 million.

The monthly report showed signs that lower prices -- following a long boom in the property market that ended last year -- are starting to stimulate sales.

The median sales price fell 1.3 percent to 212,800 dollars, the seventh decline in a row.

The property market has been struggling as lending rates have increased and speculators have pulled out of what had been a sizzling sector.

The latest data show existing...