February home sales hit strongest pace in a year as mortgage rates ease and more houses hit market

Sales of previously occupied U.S. homes rose in January from the previous month to the strongest pace in a year as homebuyers were encouraged by a modest pullback in mortgage rates and more properties on the market. Existing home sales climbed 9.5% last month from January to a seasonally adjusted annual rate of 4.38 million, the National Association of Realtors said Thursday. That’s the strongest sales pace since February last year. Sales rose on a monthly basis in February for the second month in a row, but fell 3.3% from a year earlier. The national median sales price climbed 5.7% from a year earlier to $384,500.