Sales of Existing U.S. Homes Have Likely Climbed to Three-Year High

Sales of previously owned U.S. homes probably rose in February to the highest level in more than three years, sustaining a rebound that is bolstering growth, economists said before a report today.

Purchases increased 1.6 percent to a 5 million annualized rate, the most since November 2009, according to the median forecast of 77 economists surveyed by Bloomberg. Other data may show an index of leading economic indicators advanced for a third straight month.

Growing demand for homes combined with limited supply is pushing property values up, leading to gains in household confidence and wealth that are helping propel consumer spending. Easier access to credit and bigger gains in employment may be needed to give the housing market an additional boost and ensure it will keep contributing to the economy.

Bloomberg

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