Sales of Existing Homes Climb 3.8%, 1st Rise in 4 Months

Sales of existing homes rose 3.8% in February, the first increase in four months, a real-estate trade group said Friday.

The National Assn. of Realtors said existing single-family homes were sold at a seasonally adjusted annual rate of 3.29 million units last month. It was the first increase since a 1.2% rise in October.

The report credited better economic news, lower interest rates and renewed consumer confidence for the upturn in sales. The string of three monthly sales declines had prompted fears that housing was being adversely affected by the October stock market collapse.