Sales of previously owned U.S. homes rebounded in February to the fastest pace in almost a year, topping estimates and snapping a three-month streak of declines to offer a robust indication that the housing market is stabilizing after last year’s slump.
Contract closings increased 11.8 percent, the most since 2015, from January’s pace to a 5.51 million annual rate, the National Association of Realtors said Friday, exceeding all forecasts in a Bloomberg survey that had called for 5.1 million. The median sales price climbed 3.6 percent from a year earlier.
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