The National
Association of Realtors (NAR) reported on Thursday that the U.S. existing home
sales surged 9.5 per cent m-o-m to a seasonally adjusted rate of 4.38 million
in February from an unrevised 4.00
million in January. This represented
the highest rate since February 2023 (4.53 million).
Economists had forecast
home re-sales decreasing to a 3.94 million-unit pace last month.
In y-o-y terms, existing home sales declined 3.3 per cent in February.
Across regions,
existing-home sales jumped in the West (+16.4 per cent m-o-m), South (+9.8 per
cent m-o-m), and Midwest (+8.4 per cent m-o-m), and remained unchanged in the Northeast (0 per cent m-o-m). Compared
to February 2023, all four regions - the Northeast (-7.7 per cent), Midwest (-3.7 per cent), South
(-2.9 per cent), and West (-1.2 per cent) -demonstrated decreases in sales.
Over the
reviewed period, the median existing home price for all housing types soared
5.17 per cent y-o-y to $384,500. This represented the eighth straight
month of year-over-year gains in median existing-home price.
Single-family
home sales came in at a seasonally-adjusted annual rate of 3.97 million in February,
up 10.3 per cent m-o-m but down 2.7 per cent y-o-y. Meanwhile, existing condominium and co-op sales were registered
at a seasonally adjusted annual rate of 410,000 units in February, up 2.5 per
cent m-o-m but down 8.9 per cent y-o-y.
Commenting on
the latest data, Lawrence Yun, NAR chief economist, noted that additional
housing supply is helping to satisfy market demand. “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,” he added.