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July 24, 2008 7:56:03 AM CDT

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Surprise! Existing Home Sales Jump

Posted Mar 24, 08 10:45 AM CDT in Business 

(Newser) – Existing home sales stunned Wall Street today with an unexpected spike, Bloomberg reports. The metric rose 2.9% in February to an annual pace of 5.03 million. Analysts had predicted yet another decline, to a 4.85 million pace. But one economist said this was only a “temporary pause.” “We’re still a long way from a recovery in housing,” he warned.

“I would not read too deeply into a single month’s data,” agreed another real estate expert. Single-family home sales climbed 2.8%, while sales of condos and co-ops rose 3.7%. Buyers returned in part because prices plummeted, with the median falling 8.2%. With foreclosure filings up 60% in February, that descent should continue, analysts said.

Source Bloomberg

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A Centex Homes sign indicates that a house is sold in a subdivision in Lewisvile, Texas, Monday, April 30, 2007. Centex Corp. is expected to release quarterly earnings on Monday, April 30, 2007.   (AP Photo/LM Otero)
An auction sign is seen in front of a home in Cleveland in this Jan. 14, 2008 file photo.   (AP Photo/Tony Dejak, file)
A sold sign rests on the ground next to a house, Wednesday, Sept. 5, 2007, in Euclid, Ohio.   (AP Photo/Tony Dejak)
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housing market  • housing crisis  • foreclosure  • home prices  • condominium  • existing home sales


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