U.S. Existing-Home Sales Rise for the First Time in 13 Months
In February, existing home sales jumped 14.5%, median house prices fall from 0.2% to $363,000 as compared to a year ago and supply increased 15.3% year-on-year to 980,000 units.
According to Reuters, existing home sales, which are counted at the close of a contract, surged 14.5% to a seasonally adjusted annual rate of 4.58 million units last month. February’s sales likely reflected contracts signed a couple of months back. Mortgage rates decreased from mid-November through early February before rising again. Home sales could fall in March.
Last month, sales increased in all four regions, with the Midwest, West and the densely populated South posting double-digit growth. The bulk of sales were concentrated in the $250,000-$500,000 price bracket.
Economists polled by Reuters had forecast home sales would rebound 5.0% to a rate of 4.20 million units. Home resales, which account for a big chunk of U.S. housing sales, fell 22.6% on a year-on-year basis in February.