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U.S. existing home sales saw a 1.7 percent month-over-month increase in February to a seasonally adjusted annual rate of 4.09 million units. While sales of year-over-year existing homes fell by 1.4 percent, the National Association of Realtors (NAR) remains cautiously optimistic about the upcoming spring market.
The month-over-month increase exceeded the market estimate, which had projected a decline to 3.89 million.
“Housing affordability is improving, and consumers are responding,” NAR Chief Economist Lawrence Yun said in the firm’s March 10 report.
“Still, there is a long way to go to return to pre-pandemic levels of transaction activity. There are more than 6 million more jobs than in 2019, yet home sales per year are down by one million.”…
The month-over-month increase exceeded the market estimate, which had projected a decline to 3.89 million.
“Housing affordability is improving, and consumers are responding,” NAR Chief Economist Lawrence Yun said in the firm’s March 10 report.
“Still, there is a long way to go to return to pre-pandemic levels of transaction activity. There are more than 6 million more jobs than in 2019, yet home sales per year are down by one million.”…
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