Home » Economy » Home sales jump 14.5% in February as prices fall for the first time in a year
Home sales jump 14.5% in February as prices fall for the first time in a year
Housing market to experience ‘really good’ earnings in late 2023: Jerry Howard
National Association of Home Builders CEO Jerry Howard surveys the state of the housing market as the U.S. economy continues to grapple with inflation on ‘Varney & Co.’
U.S. existing home sales rose for the first time in a year in February as buyers rushed to take advantage of a decline in mortgage rates, according to a National Association of Realtors report released Tuesday.
Sales of previously owned homes climbed 14.5% in February from the prior month to an annual rate of 4.58 million units, snapping a 12-month losing streak. On an annual basis, existing home sales are still down 22.6% when compared with February 2022.
"Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines," Lawrence Yun, the chief economist at NAR, said in a statement. "Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs."
ONE YEAR INTO ITS INFLATION FIGHT, THE FED FACES A MURKY FUTURE