Contrary to what many thought was going to happen; February saw a robust surge in sales of previously owned homes across the United States, with buyers adjusting to the reality of higher mortgage rates.
According to the National Association of Realtors (NAR), existing home sales skyrocketed by 9.5% compared to the previous month, reaching an annualized rate of 4.38 million. This marked a nearly 6% increase from the previous year and represented the most significant monthly rise in a year.
Simultaneously, the median home price climbed by nearly 6% to $384,500, hitting an all-time high for February and marking the eighth consecutive month of year-over-year price gains.
Despite these positive indicators, sales were lower than in February 2023, hinting at some market tightness. However, there was a silver lining as the inventory of available homes increased by 10% from a year ago, reaching 1.07 million by the end of February.
This uptick in inventory off ...
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