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US Existing Home Sales Unexpectedly Increase in February
Sales rose 1.7% to 4.09 million annual rate as mortgage rates neared 6%, with affordability improving for the eighth month amid modest inventory growth, NAR said.
- The National Association of Realtors said existing-home sales rose 1.7% in February to a 4.09 million annual pace, surprising economists polled by Reuters who forecast 3.89 million.
- A modest rise in listings showed the inventory of existing homes increased 2.4% to 1.29 million units, while falling mortgage rates boosted purchasing power and moderating house-price growth attracted buyers.
- The national median existing-home price was $398,000, up 0.3% year-over-year, sales jumped 8.2% in the West and 1.6% in the South, while first-time buyers accounted for 34% of purchases.
- Rising Treasury yields may lead to higher mortgage rates, and still-tight supply could constrain activity during the spring selling season, NAR economists warned.
- Despite improving affordability, sales remain below pre-pandemic levels despite more than 6 million jobs since 2019, well short of the 5.2-million annual pace, NAR said.
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80 Articles
According to the report of the National Association of Real Estate Agents (NAR), housing sales have increased in the Midwest, South and West of the country
U.S. homes sales increase in February amid easing mortgage rates
Sales of previously occupied U.S. homes picked up in February from the previous month as home shoppers took advantage of easing mortgage rates and a modest increase in properties on the market heading into the spring homebuying season. Existing home sales rose 1.7% last month from January to a seasonally adjusted annual rate of 4.09 million units, the National Association of Realtors said Tuesday. Sales fell 1.4% compared with February last year…
US existing home sales rose 1.7 percent to a seasonally adjusted annual rate of 4.09 million in February, down 1.4 percent from a year earlier, the National Association of Realtors said today.
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