US HOME SALES
Emerging Markets Property Advisers
Emerging Markets Property Advisers
According to the National Association of Realtors, US existing-home sales reversed a 12 month slide in February 2023, registering the largest monthly percentage increase since July 2020. Month-over-month sales rose in all four major US regions.
Total existing-home sales completed transactions that include single-family homes, townhouses, condominiums and co-ops vaulted 14.5% from January to a seasonally adjusted annual rate of 4.58 million in February. Year-over-year, sales fell 22.6% (down from 5.92 million in February 2022).
"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."
"Inventory levels are still at historic lows," Yun added.