Existing-home sales rose 4.2% in February to a seasonally adjusted annual rate of 4.26 million, though they declined 1.2% year-over-year, according to the National Association of REALTORS®. Inventory increased by 5.1%, reaching 1.24 million units, with a 3.5-month supply. The median home price rose 3.8% to $398,400. They write:
Existing-home sales ascended in February, according to the National Association of REALTORS®. For both monthly and year-over-year sales, two major U.S. regions experienced growth, one region remained stable and the other registered a decline.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – progressed 4.2% from January to a seasonally adjusted annual rate of 4.26 million in February. Year-over-year, sales slid 1.2% (down from 4.31 million in February 2024).
“Home buyers are slowly entering the market,” said NAR Chief Economist Lawrence Yun. “Mortgage rates have not changed much, but more inventory and choices are releasing pent-up housing demand.” […]
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