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February home prices rise over January, but fall compared to last year

RE/MAX report on home prices reveals mixed results.

RE/MAX report on home prices reveals mixed results.

In what's becoming an ongoing theme, the homebuying market received a mixture of good and bad news this week.

According to the RE/MAX National Housing Report, home sales increased 3.3 percent in February compared to January but dropped 3 percent when compared to February 2010.

Though the findings are mixed, RE/MAX CEO Margaret Kelly is projecting optimism.

"It's a very good sign that home sales increased over January, which could mean that sales will increase further as we move into springtime, the prime homebuying season," Kelly said. "If this trend for home sales does continue, we could also see home prices start to move up as well."

Meanwhile, the state seeing the biggest rise in home prices compared to last year was Anchorage, Alaska, at 11.2 percent.

Home prices have for the most part been on the decline in recent months, especially in the Western half of the country, which has seen more people moving away from the region. Even so, a Fannie May survey conducted earlier this year found 78 percent believed prices would stabilize in 2011.