In February, the National Association of REALTORS® reported an increase in existing-home sales. The rise was observed in three of the four major U.S. regions - the West, South, and Midwest, while it remained steady in the Northeast. Comparing year-over-year figures, all regions experienced a decline in sales.
The total sales of existing homes, which encompass single-family homes, townhomes, condominiums, and co-ops, saw a 9.5% increase from January, reaching a seasonally adjusted annual rate of 4.38 million in February. However, when compared to the same month last year, there was a 3.3% decrease in sales, down from 4.53 million in February 2023.
"Additional housing supply is helping to satisfy market demand," said NAR Chief Economist Lawrence Yun. "Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices."
For more details see the full article in the NAR newsroom.
