US home sales up 3 percent in February

Sales of existing U.S. homes increased by 3 percent in February after dipping the previous two months, The Associated Press reported.

Sales climbed last month to a seasonally adjusted annual rate of 5.54 million, the National Association of Realtors said Wednesday.

With the uptick, it’s clear American homebuyers are still house hunting despite jumps in prices and fewer homes on the market, the AP reported.

The median home sales price was $241,700 in February, the AP reported. That’s 5.9 percent higher than the median price a year ago.

In the wake of President Donald Trump’s tax cuts, mortgage rates are going up, the AP reported. Experts said this could deter homeowners from putting their house on the market because they would pay more in interest for their next home.