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.
To read the full report, please click here.
