Nationwide sales of existing homes increase 3 percent

Sales of existing homes rebounded in February after declining for the previous two months.

The National Association of Realtors said Wednesday that sales rose 3 percent last month to a seasonally adjusted annual rate of 5.54 million.

The median home sales price was $241,700 in February, a 5.9 percent increase over a year ago.

The supply of homes for sale declined 8.1percent from a year ago to 1.59 million.