Existing home sales in February took a decrease after two months of consecutive gains. This decrease brought the seasonally adjusted rate down from 6.69 million to 6.22 million. Although we saw a decline in contract signings, total sales are up 9.1% from a year ago. Another increase was also seen in median existing-home price, rising 15.8% from last year to $313,000.
The National Association of Realtors® chief economist explains, “despite the drop in home sales for February – which I would attribute to historically-low inventory – the market is still outperforming pre-pandemic levels.” He further explains that although mortgage rates and the affordability of buying a home are rising and might slow down activity, the increase in the availability of the COVID-19 vaccine has “the nation on the cusp of returning to a sense of normalcy.” Continuing to see a strong housing market throughout 2021.
Information Provided by NAR – View Original Article Here
References:
Existing-Home sales Descend 6.6% in February. (2021, March 22). Retrieved April 01, 2021, from https://www.nar.realtor/newsroom/existing-home-sales-descend-6-6-in-february
