The National Association of Realtors (NAR) reported Tuesday that the U.S.
existing home sales surged 14.5 percent m-o-m to a seasonally adjusted rate of
4.58 million in February from an unrevised
4.00 million in January. That
marked the highest rate since September 2022 (4.68 million).
Economists had forecast home re-sales accelerating to a 4.20 million-unit
pace last month.
In y-o-y terms, existing-home sales plunged 22.6 percent in February.
Across regions, existing-home sales rebounded in all four major U.S.
regions in February, led by West (+19.4 percent y-o-y). In y-o-y terms, however,
all four major regions still saw double-digit declines in existing-home sales.
Over the reviewed period, the median existing-home price for all housing
types slipped 0.2 percent y-o-y to $363,000. That marked the end of
a 131-month streak of year-over-year increases in median existing-home prices.
Single-family home sales came in at a seasonally-adjusted annual rate of
3.59 million in February, up 15.3 percent m-o-m but down 24.1 percent y-o-y. Meanwhile, existing condominium and co-op
sales were registered at a seasonally-adjusted annual rate of 440,000 units in February,
up 7.3 percent m-o-m but down 32.3 percent y-o-y.