Existing Home Sale Report for February

As you no doubt have heard, the February existing home sale report was released yesterday. Contrary to an expectation of a slight decline from January, February's sales were up 5.1% from January to a 4.7mm annual rate.  This is 4.6% below last year. 

First time homebuyers accounted for half the sales, attracted by the recently-enacted $8,000 tax credit.  About half the total sales were foreclosures.  The median price was back to 2002 levels at $165,000, including foreclosures.  Activity was centered in California, Arizona, Nevada and Florida. House prices are beginning to appreciate in California for the first time in three years.

Here's the full article.