India, March 20 -- After reporting a sharp pullback by U.S. existing home sales in the previous month, the National Association of Realtors released a report on Thursday showing existing home sales unexpectedly rebounded in the month of February.
NAR said existing home sales surged by 4.2 percent to an annual rate of 4.26 million in February after tumbling by 4.7 percent to a revised rate of 4.09 million in January.
The sharp increase surprised economists, who had expected existing home sales to slump by another 3.2 percent to an annual rate of 3.95 million from the 4.08 million originally reported for the previous month.
"Home buyers are slowly entering the market," said NAR Chief Economist Lawrence Yun. "Mortgage rates have not changed...