The sales of existing US homes rebounded from a 12-year low in February as distressed sales brought first-time buyers into the market in search of bargains.
Home resales rose by 5.1 per cent to an annual rate of 4.72m in February from the month before, the National Association of Realtors said yesterday, but were down by 4.6 per cent year-on-year. The median price of an existing home fell by 15.5 per cent on the year to $165,400, although it inched up from January's median price of $164,800.
The results were better than economists' expectations.
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