Exist­ing home sales popped in Feb­ru­ary despite high­er mort­gage rates

Existing home sales popped in February despite higher mortgage rates

Exist­ing home sales increased last month for only the third time since May amid a tumul­tuous hous­ing mar­ket fea­tur­ing high mort­gage rates.
Home sales in Feb­ru­ary rose a strong 9.5% to a sea­son­al­ly adjust­ed annu­al rate of 4.38 mil­lion, the Nation­al Asso­ci­a­tion of Real­tors report­ed on Thurs­day. That is the largest increase since Feb­ru­ary of last year.
Mort­gage rates, which recent­ly have been inch­ing high­er, are still pric­ing out many would-be buy­ers and lead­ing to peo­ple avoid­ing sell­ing.
The pace of home sales is down 3.3% from the year before.
Total hous­ing inven­to­ry at the end of Feb­ru­ary was 1.07 …