WASHINGTON >> Americans retreated from buying existing homes in February, a pullback after sales in January had surged to the fastest pace in a decade. But over the past 12 months, sales are up solidly.

Sales of existing homes fell 3.7 percent last month to a seasonally adjusted annual rate of 5.48 million, the National Association of Realtors said Wednesday. The decline may represent just a temporary slump after the sharp sales increase in January.

Stable hiring and a recovering economy have fueled greater demand among homebuyers. Over the past year, purchases have risen 5.4 percent. At the same time, sales growth has been restricted by a shortage of homes on the market.

“The underlying story is still very positive for the housing market,” said Jennifer Lee, a senior economist at BMO Capital Markets. “The February drop is just a blip in the overall trend.”

The limited inventory and risks of rising mortgage rates may actually cause the spring home-buying season to begin with a sprint this month. Unlike last year when average 30-year mortgage rates held below 4 percent, buyers may this year feel forced to act swiftly before even higher loan rates and prices make home ownership less affordable.

ON THE MOVE

ABC Stores has announced the following promotions:

>> Kyle Seto to store manager of ABC Store No. 23 at Hyatt Regency Resort & Spa from associate store manager of ABC Store No. 37 at 2340 Kalakaua Ave.

>> Jovilyn Nacario to store manager of ABC Store No. 15A at Ala Moana Center from associate store manager of Hawaiian Casual & Island Favorites Store at the corner of Kalakaua Avenue and Kanekapolei Avenue.

>> Donald Takenaka to director of operations development from manager of operations development for ABC Stores and store manager of ABC Store No. 81 at Ala Moana Center.

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