Existing Home Sales Hit 3 Year High, Home Prices Rise:

 

U.S. home resales (the largest segment of the housing market) hit a three-year high in February and prices jumped, adding to signs of an acceleration in the housing market recovery.

The National Association of Realtors said on Thursday existing home sales increased 0.8 percent to an annual rate of 4.98 million units last month, the highest level since November 2009. The January sales pace was revised upward to 4.94 million units from the previously reported 4.92 million units.

The median home sales price in February rose 11.6 percent from a year ago to $173,6000.

In a separate report, the U.S. Department of Commerce reported that New Home Starts rose. Building Permits for new construction approached a five-year high.