LOS ANGELES (AP) — Gross sales of beforehand occupied U.S. houses rose in February as easing mortgage charges and extra properties available on the market inspired dwelling buyers.
Current dwelling gross sales rose 4.2% final month from January to a seasonally adjusted annual price of 4.26 million items, the Nationwide Affiliation of Realtors mentioned Thursday.
Gross sales fell 1.2% in contrast with February final yr, ending a string of 5 straight annual will increase. The most recent dwelling gross sales topped the three.92 million tempo economists have been anticipating, in response to FactSet.
Dwelling costs elevated on an annual foundation for the twentieth consecutive month. The nationwide median gross sales worth rose 3.8% in February from a yr earlier to $398,400.
“Dwelling patrons are slowly getting into the market,” mentioned Lawrence Yun, NAR’s chief economist. “Mortgage charges haven’t modified a lot, however extra stock and selections are releasing pent-up housing demand.”
There have been 1.24 million unsold houses on the finish of final month, up 5.1% from January and up 17% from February final yr, NAR mentioned.
That interprets to a 3.5-month provide on the present gross sales tempo, unchanged from January and up from a 3-month tempo on the finish of February final yr. Historically, a 5- to 6-month provide is taken into account a balanced market between patrons and sellers.
