Money | housing market Surprise! Existing Home Sales Jump February's 2.9% rise surprises analysts; median price tumbles unprecedented 8.2% By Kevin Spak Posted Mar 24, 2008 10:45 AM CDT Copied A Centex Homes sign indicates that a house is sold in a subdivision in Lewisvile, Texas, Monday, April 30, 2007. Centex Corp. is expected to release quarterly earnings on Monday, April 30, 2007. (AP Photo/LM Otero) Existing home sales stunned Wall Street today with an unexpected spike, Bloomberg reports. The metric rose 2.9% in February to an annual pace of 5.03 million. Analysts had predicted yet another decline, to a 4.85 million pace. But one economist said this was only a “temporary pause.” “We’re still a long way from a recovery in housing,” he warned. “I would not read too deeply into a single month’s data,” agreed another real estate expert. Single-family home sales climbed 2.8%, while sales of condos and co-ops rose 3.7%. Buyers returned in part because prices plummeted, with the median falling 8.2%. With foreclosure filings up 60% in February, that descent should continue, analysts said. Read These Next "Admiral Piett" of the Star Wars universe died from COVID. Trump voter who supported mass deportations could be deported herself. Shooter opens fire on Texas Border Patrol What makes a person cool? These six traits. Get breaking news in your inbox. What you need to know, as soon as we know it. Sign up Report an error