Home sales up in February

The National Association of Realtors announced that pending homes sales were up 8,2% in February compared to January. And up more than 17% from February 2009.

Economists said the data suggested that homebuyers were rushing to take advantage of the government tax credit which expires at the end of this month. Qualified home buyers have until April 30 to take advantage of a tax credit of up to $8,000 for a purchase of their principal home.

Lawrence Yun, chief economist for the association, said that although the month to month change is not  so significant the yearly change of 17% in February coupled with the yearly change of 12% in January is a good sign.

Yun added that anecdotally the association is hearing that March data will be better than February's, as homebuyers are taking advantage of the homebuyer tax credit.