The National Association of Realtors is reporting that existing home sales were up in February by 5.1 percent.

This figure is still 4.6 percent below February 2008 levels, however, Dr. Lawrence Yun, Chief Economist for the NAR, noted, that the recovery in the Western region is stronger than expected. "Strong sales gains in the West are led by California, where the median listing price is beginning to rise for the first time in three years," he said.

Regionally, sales increased across the board. The largest jump was seen in the Northeast at 15.6 percent, followed by the South -- rising 5.1 percent.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said home shopping activity has picked up with housing affordability at a record high. "The number of buyers looking for homes rose 5 percent in February, and also was 5 percent above a year ago," he said. "It appears most of the increase in buyer traffic occurred in the latter part of the month after the $8,000 first-time buyer tax credit was put in place. At the same time, mortgage purchase applications have risen, so we expect to see sales picking up around late spring."

Published: March 30, 2009

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