US Existing-Home Sales Rise in February
NAR Existing-Home Sales Report Shows 1.7% Increase in February
On Tuesday, the National Association of Realtors (NAR) reported that total existing-home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—rose 1.7% in February to a seasonally adjusted annual rate (SAAR) of 4.09 million units. Year-over-year, sales were down 1.4%.
By region, sales rose in the Midwest, South, and West but declined in the Northeast. Compared to a year ago, sales increased in the South but fell in the Northeast, Midwest, and West.
Total housing inventory at the end of February was 1.29 million units, up 2.4% from January and up 4.9% from February last year. At the current sales pace, unsold inventory sits at a 3.8-month supply, unchanged from January but up from 3.6 months a year earlier.
The median existing-home price for all housing types was $398,000 in February, a 0.3% increase from $396,800 a year earlier. This marked the 32nd consecutive month of year-over-year price gains.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.