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Existing Home Sales Shoot Higher; Inventory also Improves

Existing Home Sales Shoot Higher; Inventory also Improves

Rather than easing back from the January level as expected, existing home sales shot significantly higher in February, The National Association of Realtors® (NAR) said pre-owned single-family houses, townhouses, condominiums, and cooperative apartments sold at a seasonally adjusted annual rate of 4.38 million units. This is an increase of 9.5 percent from the 4.0 million unit pace the previous month and the largest monthly increase since last February. Sales still trailed that month’s 4.53-million-unit rate by 3.3 percent. Analysts polled by Econoday had a consensus estimate for sales of 3.92 million units while Trading Economics had projected the rate at 3.94 million. Single-family home sales grew to a seasonally adjusted annual rate of 3.97 million in February, a 10.3 perc
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