U.S. existing home sales rose for the first time in a year in February as buyers rushed to take advantage of a decline in mortgage rates, according to a National Association of Realtors report released Tuesday.

Sales of previously owned homes climbed 14.5% in February from the prior month to an annual rate of 4.58 million units, snapping a 12-month losing streak. On an annual basis, existing home sales are still down 22.6% when compared with February 2022. 

"Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines," Lawrence Yun, the chief economist at NAR, said in a statement. "Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs."

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