U.S. existing-home sales improved for the second month in a row, jumping 9.5% to a seasonally adjusted annual rate of 4.38 million units, exceeding economists’ expectations and marking the largest monthly gain in a year, according to the National Association of REALTORS®(NAR).
The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season. Closed Sales 201 Single-Family Only- 3.4% Year-Over-Year Change New Listings were up 6.6 percent for single-family homes but remained flat for condominium properties.
Closed Sales decreased 3.4 percent for single-family homes and 10.5 percent for condominium properties. The Median Sales Price was down 2.1 percent to $685,000 for single-family homes and 0.9 percent to $425,000 for condominium properties.
Months Supply of Inventory increased 25.0 percent for single-family units and 11.1 percent for condominium units. The recent surge in home sales was likely due to a dip in mortgage rates in December and an increase in housing supply nationwide.
According to NAR, total inventory grew 5.9% month-over-month and 10.3% year-over-year to 1.07 million units, for a 2.9 months’ supply at the current sales pace. Buyer demand remains robust, and the limited supply of inventory helped push the median existing-home sales price up 5.7% year-over-year to $384,500, the eighth consecutive month of annual price increases.
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