Home sales dip but February was best in five years

WASHINGTON (MarketWatch)
Sales of existing homes fell 0.9% in February after an upward revision to the prior month, as improving job prospects, cheaper homes and warm weather led to the best start to the year since the bursting of the housing bubble
The National Association of Realtors said Wednesday sales in February fell to a seasonally adjusted annual rate of 4.59 million, compared to an upwardly revised 4.63 million in January January sales initially were recorded at a 4.57 million annual rate
The median price of an existing home rose 0.3% to $156,600 compared to year-ago period
Median prices typically are less in the winter because fewer families move during the school year, so smaller homes are sold
Inventories rose 4.3% to 2.43 million, or 6.4 months of supply
Inventories typically rise from February through the summer months