Existing home sales in the United States increased 4.2% in February on a monthly basis to stand at a seasonally adjusted annual rate of 4.26 million, a report from the National Association of Realtors (NAR) showed on Thursday. Meanwhile, year over year, the figure was down 1.2%.
The median existing home sales price for all housing types jumped by 3.8% compared to the same timeframe a year ago, coming in at $398,400. Total housing inventory at the end of February was at 1.24 million units, surging by 5.1% from the month prior and skyrocketing 17% compared to February 2024.
"Home buyers are slowly entering the market. Mortgage rates have not changed much, but more inventory and choices are releasing pent-up housing demand," NAR Chief Economist Lawrence Yun commented.
