Home Sales Up In February!

Sales of existing homes rose unexpectedly in February by 5.1%, making up ground from a dismal January report, according to the National Association of Realtors. Sales rose to 4.72 Million units, from 4.49 Million Units, much better than the expected drop to 4.45 Million Units.

According to the report, first-time homebuyers made up half of all purchases, and distressed properties accounted for over 40% of all sales.

Sales were especially strong in the Western U.S., such as Utah, with sales increasing more than 30% over last years numbers.

The national home inventory is at 9.7 months, with Logan, Utah at around 8.3 months.