Home Sales on the Rise

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Home sales are up, according to a new report.

After falling for sixth straight months, sales of existing homes rose 2.9 percent in February.

Watch CBN News Financial Editor Drew Parkhill on the outlook for the financial markets in the coming months.

That's the biggest increase in a year. Analysts say falling prices are enticing buyers back into the market.

Lawrence Yun, chief economist for the Realtors, said that prices in some formerly hot markets in California and Florida were seeing significant price declines now as sellers try to attract buyers.

The median home price fell last month by the largest amount on record.

"We're not expecting a notable gain in existing-home sales until the second half of this year, but the (February) improvement is another sign that the market is stabilizing," Yun said.

The steep slump in housing has raised concerns about a possible recession. Democrats are pushing the Bush administration to do more to stem a tidal wave of mortgage foreclosures to keep more unsold homes from being dumped on an already glutted market.

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