Low mortgage rates and an increase in the availability of foreclosed properties helped trigger an increase in sales of existing homes last month, the National Association of Realtors reported today.
Existing home sales increased 5.1% to a seasonally adjusted annual rate of 4.72 million units, meaning that that would be the annual rate if February's rate remains the same all year. February's numbers were 4% below those of February 2008.
About half of all home purchases last month were by first-time buyers.
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