Home price slump helps spur sales
Home sales jumped 3.9% last month, best gain since '04, but the gains came as sellers cut prices, even before subprime woes hit.
March 23 2007: 2:43 PM EDT
By Chris Isidore, CNNMoney.com senior writer
NEW YORK (CNNMoney.com) -- Sales of existing homes posted the biggest jump in nearly three years in February, though sellers got the gains the way Detroit automakers spur sales - by cutting prices.
The National Association of Realtors said Friday that home sales rose 3.9 percent last month to an annual rate of 6.7 million from a revised 6.4 million pace in January. It was the biggest percentage increase since March 2004.
Economists surveyed by Briefing.com had looked for a slowdown to a 6.3 million pace. But even though sales rose from January, the pace was still down 3.6 percent from February 2006.
