Existing home sales in the U.S. surged by 4.2% in February, marking the first increase in six months, according to the National Association of Realtors (NAR).
๐ก Total sales reached a seasonally adjusted annual rate of 4.38 million units. This growth is attributed to a slight increase in inventory and stabilizing mortgage rates. ๐
However, sales remain 3.3% lower compared to the previous year. The median existing-home sales price rose to $384,500, up 5.7% from February 2023. ๐ฐ
Inventory increased slightly to 1.07 million units, representing a 2.9-month supply at the current sales pace. ๐
Read the full report from The National Association of Realtors Here
