February home sales spike 9.5%, the largest monthly gain in a year, as supply improves
Source: CNBC
Published Thu, Mar 21 2024 10:00 AM EDT Updated 39 Min Ago
Sales of existing homes surged 9.5% in February from January to 4.38 million units, on a seasonally adjusted annualized basis, according to the National Association of Realtors. Housing analysts had been expecting a slight drop. Sales were down 3.3% year over year, but it was the largest monthly gain since February 2023.
Sales surged the most in the West, up 19.4%, and the South, up 16.4%. Sales in the Northeast were unchanged. “Additional housing supply is helping to satisfy market demand,” said Lawrence Yun, NAR’s chief economist. “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.”
Inventory rose 10.3% year over year to 1.07 million homes for sale at the end of February. That represents a still low 2.9-month supply at the current sales pace.
Higher demand continued to push the median price higher, up 5.7% from the year before to $384,500 — the eighth straight month of annual gains. Competition was stiff, with 20% of homes selling above list price.
Read more: https://www.cnbc.com/2024/03/21/february-2024-home-sales-spike.html
= new reply since forum marked as read
