Money | housing market Surprise! Existing Home Sales Jump February's 2.9% rise surprises analysts; median price tumbles unprecedented 8.2% By Kevin Spak Posted Mar 24, 2008 10:45 AM CDT Copied A Centex Homes sign indicates that a house is sold in a subdivision in Lewisvile, Texas, Monday, April 30, 2007. Centex Corp. is expected to release quarterly earnings on Monday, April 30, 2007. (AP Photo/LM Otero) Existing home sales stunned Wall Street today with an unexpected spike, Bloomberg reports. The metric rose 2.9% in February to an annual pace of 5.03 million. Analysts had predicted yet another decline, to a 4.85 million pace. But one economist said this was only a “temporary pause.” “We’re still a long way from a recovery in housing,” he warned. “I would not read too deeply into a single month’s data,” agreed another real estate expert. Single-family home sales climbed 2.8%, while sales of condos and co-ops rose 3.7%. Buyers returned in part because prices plummeted, with the median falling 8.2%. With foreclosure filings up 60% in February, that descent should continue, analysts said. Read These Next Hugh Hefner's widow: His scrapbooks could be dangerous. Blame game over massive sewage spill is heating up. These lawmakers plan to boycott Trump's SOTU address. It's the deadliest US avalanche since 1981. Get breaking news in your inbox. What you need to know, as soon as we know it. Sign up Report an error