While sales activity remains relatively soft, existing home sales unexpectedly rose in the month of February, according to a report released by the National Association of Realtors on Monday. Sales rebounded after hitting a twelve-year low in the previous month.
The report showed that existing home sales rose 5.1 percent to a seasonally adjusted annual rate of 4.72 million units in February from a pace of 4.49 million units in January. Economists had expected sales to slip to a 4.45 million unit rate.
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