Existing Home Sales Jump 5.1%

Previously owned home sales took a 5.1% leap in February, to an annual rate of 4.72 million, Bloomberg reports, as a median price down 15.5% year-over-year brought out the bargain hunters. That blindsided analysts, who had expected sales to fall to a 4.45 million annual rate. “The decline in home prices… has increased affordability,” wrote one. ““However, rising unemployment, depressed confidence, and expectations of home-price depreciation serve as powerful offsets.” (More existing home sales stories.)