Existing Home Sales Post Biggest Rise

 

U.S. existing-home sales unexpectedly climbed in February, but subprime-market woes could chill demand farther down the road.

 

According to the National Association of Realtors, home resales rose to a 6.69 million annual rate, a 3.9% increase from January's revised 6.44 million annual pace. January's rate was originally estimated at 6.46 million.

 

The median home price was $212,800 in February, compared with a revised $210,900 in January and a revised $215,700 in February 2006.

 

The February resales level was above Wall Street expectations of a 6.33 million sales rate for previously owned homes.

 

Delinquency rates for subprime mortgage loans rose at the end of last year. Wall Street is worried tighter lending standards for borrowers with less-than-sterling credit could slow home sales in the future.

 

NAR chief economist David Lereah predicts subprime problems could cost between 100,000 and 250,000 annual sales of new and existing homes over the next couple years. "Will it affect the housing market? Yes," he said. "But it's not going to lead to an economic recession."

 

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