Existing home sales in the US during February climbed 14.5% to a seasonally adjusted 4.58 million, which is also the most significant monthly percentage increase since July 2020, the National Association of Realtors (NAR) said in its report released on Tuesday. From an annual perspective, the figure was down 22.6%.
The median sales price of existing homes fell 0.2% from the previous year to $363,000. In addition, the inventory of unsold existing homes remained unchanged from the previous month at 980,000.
"Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines," said NAR Chief Economist Lawrence Yun. "Moreover, we're seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs."
