Existing-Home Sales Move Higher Amid Sharp Price Drop

Existing-home sales climbed for the first time in seven months during February as buyers appeared to take advantage of sharply falling prices. Home resales rose to a 5.03 million annual rate, a 2.9% increase from January's unrevised 4.89 million annual pace, the National Association of Realtors said. Year over year, sales were down 24% from February 2007. The median home price was $195,900 in February, down 8.2% from $213,500 in February 2007. The 8.2% drop was the largest on record, the NAR said.