Home sales spike in February as median home prices remains low

Home sales surged 14.5% in February in a possible sign that the housing market could be recovering from rate hikes.

Yesterday’s data from the National Association of Realtors shows the largest jump in sales of previously owned homes in more than two-and-a-half years. It also ended a 12-month consecutive decline in sales, the longest stretch since 1999.

Elsewhere in the economy, the Federal Reserve met expectations and voted to raise interest rates by 25 basis points at its meeting today.