Existing home sales rose 3.3% in February after tumbling 28% in January on a non-seasonally adjusted basis, according to new figures released by RE/MAX.
"It is a very good sign that home sales increased over January, which could mean that sales will increase further as we move into springtime — the prime home buying season," said RE/MAX chief executive Margaret Kelly.
The Denver-based Realtor also reported that home prices fell 0.9% in February from the prior month. Year over year, prices are down 5.9% in the 54 metropolitan areas RE/MAX tracks.
The average number of days it takes to sell a home has been steadily rising since the end of last summer. In February it took 103 days to sell a home, up from 99 days in January.
The number of "days on the market has remained over 90 for five consecutive months," the RE/MAX Housing Report says.
