The National Association of Realtors® (NAR) is reporting that total existing-home sales, which include single-family homes, townhomes, condominiums and co-ops rose 6.5% from January, to a seasonally-adjusted annual rate of 5.77 million in February. Of the four major regions, only the Northeast experienced a drop in sales, while the other regions saw increases, with a major sales gain in the West being reported. In prepared remarks, Lawrence Yun, NAR’s chief economist said, “I would attribute that to the incredibly low mortgage rates and the steady release of a sizable pent-up housing demand that was built over recent years.”
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Existing-Home Sales Jump 6.5% in February