Existing-home sales experienced a large rebound of 11.8 percent in February, to a seasonally adjusted annual rate of 5.51 million in February, according to the National Association of Realtors (NAR). This followed a 1.2 percent decrease in January. Sales are 1.8 percent below the February 2017 level.
Lawrence Yun, NAR’s chief economist, credited a number of aspects to the jump in February sales. “A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound.”
The total housing inventory increased to 1.63 million homes available for sale and is up from 1.58 million a year ago. The median existing home price was $249,500, up 3.6 percent from February 2018 ($240,800). This marks the 84th straight month of year-over-year gains.
Distressed sales were 4.0 percent of the total, equal to last month and one year ago.
Read the NAR release.
