Feb existing home sales +3.0% to 5.54 mln...>

US DATA: Feb existing home sales +3.0% to 5.54 mln saar (+1.1% y/y), well above

expectations for 5.40m and ahead of the 2017 total of 5.51 mln. This followed an

unrevised 5.38m pace in January. 

- The first quarter sales pace was still behind the fourth quarter average,

suggesting a softer start to 2018.

- Sales were +4.2% for single-family homes and -6.5% for condos. Sales rose in

South (+6.6%) and West (+11.4%), but declined in the Northeast (-12.3%) and

Midwest (-2.4%).

- The supply of homes +4.6% to 1.59m, but still the lowest February level on

record and -8.1% y/y. The months supply stayed at 3.4 months, which NAR says is

"very tight," and below the 3.8 months supply a year ago. The median sales price

rose in February to $241,700, +5.9% from a year earlier, well outpacing the rate

of wage growth. 

- NAR's Yun noted again that more supply, especially for condominiums, and

relaxed lending standards for builders are needed. Median days on the market

dropped to 37 days from 45 days a year earlier, so a very fast market.