Existing-home sales climbed 3% last month

WASHINGTON >> U.S. sales of existing homes rebounded in February after declining for the previous two months, a sign that many Americans are still looking to buy despite rising prices and a shrinking number of homes available on the market.

The National Association of Realtors said Wednesday that sales rose 3 percent last month to a seasonally adjusted annual rate of 5.54 million. This increase after declining sales in January and December suggests that competition will be heated during the traditional spring home-buying season.

“The upward trend in home sales remains intact but there are headwinds in the way,” said Jennifer Lee, a senior economist at BMO Capital Markets.

The shortage of properties for sale is creating a challenge for would-be homebuyers. As sales listings have steadily declined, prices have been climbing at the same time as a stronger job market has elevated demand — and, also, competition — for purchasing homes. Higher mortgage rates this year might also cause even fewer people to list their homes for sale, which would make the current supply squeeze worse.

The median home sales price was $241,700 in February, a 5.9 percent increase over the past year.

Prices are climbing, in part, because the number of sales listings has dropped. The supply of homes for sale declined 8.1 percent from a year ago to 1.59 million.

In February, sales climbed in the South and West but fell in the Northeast and Midwest.

ON THE MOVE

Anthology Marketing Group has announced the following new hires and promotions:

>> Reaghan Puleo has been promoted to broadcast producer from broadcast project manager in the company’s Advertising Group. Puleo’s responsibility is to ensure that Anthology’s broadcast projects are within the budget as well as finished on time.

>> Mark Archibald is the company’s broadcast production manager in the Advertising Group. Archibald has more than 30 years of television and video production experience, including having served as a writer, commercial producer and broadcast graphic designer for a cable company in Hawaii.

>> Aly Stocker is the newest assistant account executive. Prior to joining the company, Stocker served as an account executive at 6 Pillars Marketing in Honolulu.

>> April Nicholls has joined the company’s Advertising Group as an account coordinator. Nicholls was previously a personal stylist with J. Crew in New York.