Home sales rebound slightly in February
What happened
US existing-home sales saw a small rebound in February as mortgage rates eased reported, but supply growth remains sluggish.
Why it matters
The National Association of Realtors (NAR) reported that existing-home sales increased 3.1% in February compared to January. However, sales are still down 2% compared to February of last year. The median existing-home price rose 5.7% year-over-year to $400,500. Limited inventory continues to drive prices up, despite the slight easing of mortgage rates. Unsold inventory sits at a 3.2-month supply at the current sales pace, which is still below what is considered a balanced market. Economists generally consider a 5- to 6-month supply to be indicative of a market where neither buyers nor sellers have the upper hand.
Key numbers
- The National Association of Realtors (NAR) reported that existing-home sales increased 3.1% in February compared to January.
- However, sales are still down 2% compared to February of last year.
- The median existing-home price rose 5.7% year-over-year to $400,500.
- Unsold inventory sits at a 3.2-month supply at the current sales pace, which is still below what is considered a balanced market.
Sources
Quick answers
What happened in Home sales rebound slightly in February?
US existing-home sales saw a small rebound in February as mortgage rates eased reported, but supply growth remains sluggish.
Why does Home sales rebound slightly in February matter?
The National Association of Realtors (NAR) reported that existing-home sales increased 3.1% in February compared to January. However, sales are still down 2% compared to February of last year. The median existing-home price rose 5.7% year-over-year to $400,500. Limited inventory continues to drive prices up, despite the slight easing of mortgage rates. Unsold inventory sits at a 3.2-month supply at the current sales pace, which is still below what is considered a balanced market. Economists generally consider a 5- to 6-month supply to be indicative of a market where neither buyers nor sellers have the upper hand.
