Existing home sales rose by a seasonally adjusted 5.1 percent in February, the National Association of Realtors said Monday.

Sales of single-family homes, town homes, condominiums and co-ops rose to an annual rate of 4.72 million units in the month compared with January's 4.49 million, the association said. Sales were down 4.6 percent from a year ago.

'Because entry level buyers are shopping for bargains, distressed sales accounted for 40 to 45 percent of transactions in February,' NAR Chief Economist Lawrence Yun said in a statement.

'Our analysis shows that distressed homes typically are selling for 20 percent less than the normal market price,' he said.

In February, the median price for existing homes for all types of housing was $165,400, down 15.5 percent from a year ago, when the median price was $195,800.

Yun said the housing market in the West showed signs of improvement. 'Strong sales gains in the West are led by California, where the median listing price is beginning to rise for the first time in three years,' he said.