First time number of sales has increased since last July.
Down 24% from Feb 2007
Median home price of $195,900 dropped 8.2% from Feb 2007. Median home price was $199,700 in Jan 2008.
NAR economist Lawrence Yun was encouraged by the 2.9% sales gain. "We're not expecting a notable gain in existing-home sales until the second half of this year, but the improvement is another sign that the market is stabilizing," Mr. Yun said.
Inventories of homes decreased 3.0% at the end of February to 4.03 million available for sale, which represented a 9.6-month supply at the current sales pace.
There was a 10.2-month supply at the end of January, revised from a previously estimated 10.3 months.
Regionally, existing-home sales in February rose 2.5% in the Midwest, 11.3% in the Northeast, and 2.1% in the South. Demand fell 1.1% in the West.
