Resales Rise Again

Sales of existing single-family homes rose 2.8% in February as sellers in tough markets finally began coming to terms with falling house prices and accepting lower bids. The National Association of Realtors reported that resales rose from a seasonally adjusted annual rate of 4.35 million in January to 4.47 million in February. The report marks the second monthly increase in resales and provides "another sign that the market is stabilizing," NAR chief economist Lawrence Yun said. Meanwhile, the sales price of previously owned single-family homes has declined 8.7% nationally since February of last year. In its January report, the NAR reported that prices had declined by 5.1% over the previous 12 months. Some markets are seeing healthy gains in housing appreciation, Mr. Yun said. "In other areas, such as Sacramento [Calif.], a rapid price decline has induced buyers to come into the market, and sales are now rising."