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News Summary: US home sales rise in February

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The Associated Press | March 21, 2013 02:14 PM EST | AP


SALES UP: U.S. sales of previously owned homes rose 0.8 percent in February from January to a seasonally adjusted annual rate of 4.98 million. That was the fastest sales pace since November 2009.

INVENTORY GROWS: More people are also starting to put their homes on the market, which could help sales in the coming months. The number of available homes for sale rose 10 percent last month, the first monthly gain since April.

CONFIDENCE RISING: The sales gains and increases in homes on the market suggest a growing number of Americans believe the housing recovery will strengthen.