Existing home sales emerged, at least temporarily, out of a prolonged slump last month, and weren’t even shy about it. The National Association of Realtors® (NAR) said seasonally adjusted annual sales of preowned single-family houses, townhomes, condos, and cooperative apartments hit a seasonally adjusted annual rate of 4.58 million units compared to 4.0 million in January. The 14.5 percent monthly increase snapped a 12-month losing streak and was the largest one-month gain since the 22.4 percent increase in July 2020. [existinghomesdata] Single-family home sales performed even better, rising from 3.59 million units in January to 4.14 million, a 15.3 percent increase. Condo and coop sales grew by 30,000 units to 440,000. The February increases, however, fell far short of restoring sales to their levels a year earlier. Total sales remained down 22.6 percent compared to the 5.92 million unit rate in February 2022. Single-family sales were 21.4 percent and condo sales 32.3 percent lower on an annual basis. Analysts had expected sales to break out of their long slide, but they underestimated the degree to which it would happen. Trading Economics had an analyst consensus of 4.2 million, which would have been a 5 percent increase. Econoday predicted 4.17 million units. “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.”
Related Articles
Fannie Mae: There’s An Increasing Risk Of A Recession Sooner, Not Later
May 23, 2022
Mariel Alumit
Loan Markets, U.S. Market
Comments Off on Fannie Mae: There’s An Increasing Risk Of A Recession Sooner, Not Later
Home sales and mortgage originations are predicted to drop. While U.S. gross domestic product was weaker than expected, contracting by 1.4% on an annualized basis, persistent inflation, rising interest rates and weakening global growth led […]
Single-Family Home Sales Up in Florida
February 22, 2024
Allen Santos
Weely Real Estate News
Comments Off on Single-Family Home Sales Up in Florida
Closed sales of single-family homes in Florida totaled 14,851 in January, up 0.6% year-over-year, while existing condo-townhouse sales totaled 6,008, down 1.2% from last year, according to data from the Florida Realtors Research Department. During […]
Pending Home Sales Decline for Fifth Month in a Row
November 30, 2022
Mariel Alumit
Mortage News
Comments Off on Pending Home Sales Decline for Fifth Month in a Row
October saw contracts to purchase existing homes fall for the fifth straight month. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) lost another 4.6 percent during the month, declining from […]