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Existing-Home
Sales Rise in February
Sales
of existing homes increased in February and remain within
a fairly stable range, according to the NATIONAL ASSOCIATION
OF REALTORS®.
Existing-home
sales – including single-family, townhomes, condominiums
and co-ops – rose 2.9 percent to a seasonally adjusted
annual rate of 5.03 million units in February from a pace
of 4.89 million in January, but remain 23.8 percent below
the 6.60 million-unit level in February 2007. The sales pace
has been in a fairly narrow range since last September.
Lawrence
Yun, NAR chief economist, says the gain is encouraging. “We’re
not expecting a notable gain in existing-home sales until
the second half of this year, but the improvement is another
sign that the market is stabilizing,” he says. “Buyers
taking advantage of higher loan limits for both FHA and conventional
mortgages will unleash some pent-up demand. As inventories
are drawn down, prices in many markets should go positive
later this year.”
The national
median existing-home price for all housing types was $195,900
in February, down 8.2 percent from a year earlier when the
median was $213,500. Because the slowdown in sales from a
year ago is greater in high-cost areas, there is a downward
pull to the national median with relatively fewer sales in
higher priced markets.
Source:
NAR
For more
economic news and research reports, visit NAR's Research division
at REALTOR.org.
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