Washington - Month-to-month sales of existing homes rose 2.9 per cent in February over those in January, the National Association of Realtors said Monday. The news was the first bright spot amidst a steady decline in sales over the past months. The subprime mortgage crisis which has roiled the finance system saw 1.5 million defaults in 2007.
The realtors' group said 5.03 million existing homes were sold in February, still a drop of 23.8 per cent below February a year ago.
The national median price for existing homes was 195,900 dollars in February, an 8.2 per cent drop from February 2007.
