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.
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.
