US existing-home sales climbed 3 percent in February

WASHINGTON (AP) — U.S. sales of existing homes rebounded in February after declining for the previous two months, a sign that many Americans are still looking to buy despite rising prices and a shrinking number of homes available on the market.

The National Association of Realtors says sales rose 3 percent last month to a seasonally adjusted annual rate of 5.54 million. This increase after declining sales in January and December suggest that competition will be heated in the coming months during the traditional spring home-buying season.

The median home sales price was $241,700 in February, a 5.9 percent increase over the past year.

Prices are climbing as the number of sales listings has dropped. The supply of homes for sale declined 8.1 percent from a year ago to 1.59 million.