By Ruth Mantell
WASHINGTON (MarketWatch) -- Existing-home sales rose 0.8% in February to a seasonally adjusted annual rate of 4.98 million, reaching the highest level since November 2009, as inventories posted an unusually large gain in the month, the National Association of Realtors reported Thursday. Economists polled by MarketWatch had expected a pace of 5.02 million for February, compared with an original estimate of a 4.92 million rate in January. On Thursday, NAR upwardly revised January's rate to 4.94 million. Inventories rose 9.6% in February to 1.94 million existing homes for sale. The months' supply rose to 4.7 in February from 4.3 in January, the first gain since April, but still a relatively low figure. Compared to February 2012, the median sales price rose 11.6% to $173,600.
