Existing home sales increased for the first time in a while, says the National Association of Realtors. February sales rose nearly three percent over January. However, sales are still nearly 24 percent lower than a year ago and home prices are down over 8 percent.

Sellers have dropped their home and condo prices enough to be attractive to buyers. Coupled with below six percent interest rates, February was a good time for buyers to lock a rate and put a contract on a home. One month doesn’t make a trend. Things could continue to improve if more homes aren’t dumped on the market, interest rates hold in a reasonable range, and the credit crisis improves.

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