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Surprise! Existing Home Sales Jump

February's 2.9% rise surprises analysts; median price tumbles unprecedented 8.2%

By Kevin Spak, Newser Staff

Posted Mar 24, 2008 10:45 AM CDT

(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.

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)

A sold sign rests on the ground next to a house, Wednesday, Sept. 5, 2007, in Euclid, Ohio. (AP Photo/Tony Dejak)

An auction sign is seen in front of a home in Cleveland in this Jan. 14, 2008 file photo. (AP Photo/Tony Dejak, file)

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Surprise! Existing Home Sales Jump

February's 2.9% rise surprises analysts; median price tumbles unprecedented 8.2%

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More Newser Stories

$26B Mortgage Settlement a 'Modest' Help: Experts

Many struggling homeowners not covered in deal

Banks Ink $26B Deal to Help 2M Homeowners

49 states sign on to deal with nation's top 5 banks

Home Prices Dive, Indicate Gloomy '12

Case-Shiller Home Price Index reverses 5 months of gains

Downturn Slams Gen-Xers; Boomers, Not So Much

Housing prices are the real culprit

Foreclosures Shoot Up 7%

RealtyTrac calls it the end of the robosigning 'rain delay'

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Surprise! Existing Home Sales Jump

February's 2.9% rise surprises analysts; median price tumbles unprecedented 8.2%

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OTHER STORIES ON OUR RADAR

housing market • condominium • home prices • housing crisis • existing home sales • new-home sales • single-family homes • foreclosures

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

$26B Mortgage Settlement a 'Modest' Help: Experts

Many struggling homeowners not covered in deal

Banks Ink $26B Deal to Help 2M Homeowners

49 states sign on to deal with nation's top 5 banks

Home Prices Dive, Indicate Gloomy '12

Case-Shiller Home Price Index reverses 5 months of gains

Downturn Slams Gen-Xers; Boomers, Not So Much

Housing prices are the real culprit

Foreclosures Shoot Up 7%

RealtyTrac calls it the end of the robosigning 'rain delay'

About Us

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Newser By Users

Community

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More News

What is Newser?