US existing home sales jump in February, prices dip
By Alexander Bueso
Date: Tuesday 21 Mar 2023
(Sharecast News) - Second-hand home selling activity in the US jumped last month by the most since July 2020 amid a dip in prices.
According to the National Association of Realtors, in seasonally adjusted terms existing home sales increased by 14.5% month-on-month in February to reach an annual pace of 4.58m.
That was ahead of economists' forecasts calling for a sales pace of 4.2m.
"Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines," said NAR Chief Economist Lawrence Yun.
"Moreover, we're seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs."
The median price of an existing home was at $363,000 in February or 0.2% below their year earlier level, putting a stop to 131 consecutive months of price increases.
Prices were reported to have risen in the Midwest and South but to have waned in the Northeast and West.
The inventory of existing homes available for sale was unchanged from the month before at 980,000, equating to 2.6 months' worth of supplies at the current sales pace.
"Inventory levels are still at historic lows," Yun added.
"Consequently, multiple offers are returning on a good number of properties."
-- More to follow --
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