A recent report from NAR indicates existing-home sales in February surged by 14.5% to an annual rate of 4.58 million after declining for 12 months. This marks the largest monthly percentage increase since July 2020 (+22.4%). However, sales were down by 22.6% compared to last year. The median price for existing homes sold was $363,000, a decrease of 0.2% from the previous year. The inventory of unsold existing homes remained steady at 980,000, equivalent to 2.6 months’ supply at the current monthly sales pace.
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