U.S. Existing Home Sales Up 5.1% in Feb.

Sales of existing homes increased 6.1 percent in the South in February, according to Jacksonville Business Journal.

On a national level, existing home sales were up 5.1 percent in February, according to a report released Monday by the National Association of Realtors.

But sales in the South are still soft -- more than 11 percent lower than February 2008.

More than 40 percent of sales in February across the nation were of foreclosed properties, or properties in default that were being sold for less than the mortgage balance.

Most of the sales nationally were concentrated at the bottom of the price ladder. Because more expensive homes are selling less well, the sales records continue to show dropping median prices.

The median price in the South was $146,700, down 10 percent from a year ago.