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Sales of existing homes rise 1.2% in February

Prices that are rising faster than incomes and tight loan conditions among factors holding back purchases

The median price of an existing home rose to US$202,600 from US$188,400 in February 2014, the report showed. The 7.5 per cent increase over the past 12 months was the biggest in a year.


SALES of previously owned homes fell short of a five million annual rate in February for a second month, showing an industry struggling to gain traction amid rising prices and a lack of inventory.

Closings, which usually take place a month or two after a contract is