February Home Sales Hit Strongest Pace in a Year as Mortgage Rates Ease and More Houses Hit Market –The Associated Press

The Associated Press

Sales of previously occupied U.S. homes rose in January from the previous month to the strongest pace in a year with homebuyers encouraged by a modest pullback in mortgage rates and more properties on the market.

Existing home sales climbed 9.5% last month from January to a seasonally adjusted annual rate of 4.38 million, the National Association of Realtors® said Thursday.

The pickup in sales helped push up home prices compared with a year earlier for the eighth month in a row. The national median sales price climbed 5.7% from a year earlier to $384,500. That’s the highest median sales price for February on records going back to 1999.

At the end of last month, there were 1.07 million unsold homes on the market, a 5.9% increase from January and up 10.3% from a year earlier. That’s the highest inventory of homes for sale for February since 2020, the NAR said.

“Additional housing supply is helping to satisfy market demand,” said Lawrence Yun, the NAR’s chief economist.

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