US Existing Home Sales Experience a Notable Increase

In a positive turn for the US housing market, existing home sales rose by 4.2% in February, reaching a seasonally adjusted annual rate of 4.26 million, according to the latest report from the National Association of Realtors (NAR). This marks a significant monthly improvement, despite a slight 1.2% decrease compared to the previous year.

Rising Prices and Inventory Levels

The median sales price for existing homes across all housing types saw a 3.8% increase from last year, settling at $398,400. Additionally, the total housing inventory at the end of February was reported at 1.24 million units, showing a 5.1% rise from the previous month and a substantial 17% jump from February 2024.

Expert Insights on Market Dynamics

"We're observing a gradual return of home buyers to the market. While mortgage rates have remained relatively stable, the increase in inventory and available choices is helping to unlock pent-up demand," explained Lawrence Yun, NAR's Chief Economist.