Sales of existing homes rise 1.2% in February

Washington

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 signed, rose 1.2 per cent to a 4.88 million annual rate, the National Association of Realtors reported on Monday in Washington. The median value of a house climbed 7.5 per cent from the same month last year while the number of properties on the market was little changed.