According to the National Association of Realtors®, existing-home sales dropped in February. The report accounted for completed transactions from single-family homes, condos, townhomes, and co-ops which dropped 7.2% from January. Here are some interesting takes from the latest release and if you want to read the full article click here.
Lawrence Yun – Chief Economist at NAR
“Housing affordability continues to be a major challenge, as buyers are getting a double whammy: rising mortgage rates and sustained price increases,” said Lawrence Yun, NAR’s chief economist. “Some who had previously qualified at a 3% mortgage rate are no longer able to buy at the 4% rate.” – Lawrence Yun
NAR President Leslie Rouda Smith
“Consumers are presently challenged with higher mortgage rates, so now, more than ever, interested buyers need the trusted expertise of Realtors® in order to navigate this current market.” – Leslie Rouda Smith
KEY HIGHLIGHTS:
- In February, existing-home sales fell to a seasonally adjusted annual rate of 6.02 million. Sales were down 7.2% from the prior month and 2.4% from one year ago.
- The inventory of unsold existing homes slightly increased to 870,000 as of the end of February, equivalent to 1.7 months of supply at the current monthly sales pace.
- The median existing-home sales price rose to $357,300, up 15.0% from one year ago. This marks 120 consecutive months of year-over-year price increases, the longest-running streak on record.
