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Home Sales Rebound Slightly

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Home Sales Rebound Slightly

Existing home sales rose to a 4.88M-unit annual rate last month, a 1.2% jump from January's 4.9% stumble. Limited supply triggered the biggest price gain in a year, which could once again constrain first time buyers' ability to enter the market and cut down on spring gains. "Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsuitable levels," said Lawrence Yun of the National Association of Realtors, which released the sales report today. The gains fell slightly short of economists' predictions of a 4.9M unit rate. [Reuters]