Springtime for Builders if not Sales

Springtime for Builders if not Sales

Existing home sales slowed in February and the National Association of Realtors® (NAR) said the recent rise in interest rates may have already knocked some buyers out of the market. Home builders, however, revved up their production as the spring market neared. NAR said sales of pre-owned single-family homes, townhouses, condos and coop apartments were at a seasonally adjusted annual rate of 6.02 million units, a decline of 7.2 percent from January and 2.4 percent below the rate a year earlier. Single-family sales fell 7.0 percent to a 5.35 million annual rate and condo sales plunged 9.5 percent. Sales of the two subsets of housing were down 2.2 and 4.3 percent respectively from the prior February. [existinghomesdata] The median existing-home price for all housing types sold in F