WASHINGTON (MarketWatch) - Sales of existing homes unexpectedly rose 3.9% in February to a seasonally adjusted annual rate of 6.69 million, the National Association of Realtors reported Friday. The sales pace is the highest since April. The 3.9% gain was the largest since March 2004, exceeding expectations of a decline to about 6.35 million. Sales have risen three months in a row for the first time in three years. Sales are down 3.9% compared with a year ago. Inventories of unsold homes rose 5.9% to 3.75 million, representing a 6.7-month supply. Inventories are not seasonally adjusted. The median price of a home fell 1.3% year-over-year to $212,800, the seventh straight monthly decline
The markets are holding on to support and looked poised for more gains. If rising crude and news from Iran fails to bring the markets down, you know there could be more upside. However, we could see some fear ahead of the weekend as we approach the close. If the DOW moves above 12473, 50 DMA, bears should be careful. Techs appear relatively weaker.
The markets are holding on to support and looked poised for more gains. If rising crude and news from Iran fails to bring the markets down, you know there could be more upside. However, we could see some fear ahead of the weekend as we approach the close. If the DOW moves above 12473, 50 DMA, bears should be careful. Techs appear relatively weaker.
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on Friday, March 23, 2007 at 3/23/2007 10:03:00 AM.
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