February home sales spike 9.5% as supply improves
From CNBC:
Sales of existing homes saw a surprising surge of 9.5% in February, reaching 4.38 million units. The increase was unexpected, with analysts anticipating a slight drop. The largest monthly gain since 2023 was driven by a 19.4% increase in the West and a 16.4% increase in the South, while Northeast sales remained unchanged.
Housing inventory increased by 10.3% year-over-year to 1.07 million homes in February, providing a 2.9-month supply at the current sales pace. The higher demand led to a 5.7% rise in the median sales price to $384,500, marking the eighth consecutive month of annual gains. 20% of homes were selling above list price.
First-time buyers did not experience a surge, constituting only 26% of buyers in February compared to the historical norm of 40%. Cash sales increased to 33% from 28% the previous year. Chief economist Lawrence Yun attributed this possibly to the stock market or high home prices, with consumers adjusting to a “new normal” for mortgage rates.
Read more at CNBC: February home sales spike 9.5% as supply improves