Rate of home sales reaches 3 year high

February sales of existing homes rose the fastest they have in 3 years. The seasonally adjusted rate for January sale projects to 4.98 million units annually. The gain continued in February with a 10.2% pace higher than last year. The median price of homes rose 11.6% to $173,600 from 2011. The rate of homes being placed on the market for sale during this period increased 10% , the first monthly gain since April. However, the home inventories are still down 19% versus a year ago, even with the 10% gain. The inventory squeeze had held sales back in many markets.