Existing home sales unexpectedly rose in February as affordability hit its best level in nearly four years and first-time buyers surged into the market.
Sales rose 1.7 percent from January to a seasonally adjusted annual rate of 4.09 million units, the National Association of Realtors reported Tuesday. This was well above the 3.88 million analysts had forecast.
First-time buyers represented 34 percent of February purchases, up from 31 percent in both January and a year ago, matching the highest share in five years. The surge suggests that buyers who had been frozen out by years of high rates and elevated prices are finally finding their way…
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