U.S. home resales dip, yet best winter in 5 years

U.S. sales of previously occupied homes dipped last month, according to a report out this morning from the National Association of Realtors, but the sales pace for the winter was still the best in five years. Home sales fell 0.9% last month to a seasonally adjusted annual rate of 4.59 million. That’s down from a revised 4.63 million sold in January—the highest level since May 2010. The last three months have been the best for winter sales in five years, NAR says. A mild winter and a stronger job market have helped boost sales ahead of the all-important spring buying season. Even with the gains, sales remain below the 6 million that economists equate with healthy markets. And the makeup of those sales still signals a troubled market. Sales among first-time buyers, who are critical to a housing recovery, fell slightly to 32% of all purchases. That’s down from 33% in January. In healthy markets, first-time buyers make up at least 40%. And homes at risk of foreclosure made up 34% of sales, down only slightly from 35% in January. In more stable markets, foreclosures make up less than 10% of sales. The Associated Press has the full story here.