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--5 Things We Learned From The Existing Home Sales Data
By Kevin Kastner, Sara Haire, and Holly Stokes
WASHINGTON (MNI) - The following are the key points from the February
existing home sales data released Wednesday by the National Association of
- February existing home sales came in strong, rising 3.0% to 5.54M. This
exceeded expectations of 5.40M. January was unrevised at to 5.38M.
- February resales were mixed in the region. Resales fell 12.3% in the
Northeast and were down 2.4% in the Midwest. But resales were up 6.6% in the
South and surged 11.4% in the West.
- February home supply +4.6% to 1.590M, but still -8.1 year/year, with the
increase in sales, the months supply stayed at 3.4 months from January, but down
from 3.8 months a year ago.
- NAR's Chief Economist Lawrence Yun said that there is some resistance to
reselling homes as rising interest rates weigh on people's minds.
- National median sales price +5.9% y/y to $241,700 in February. Yun
pointed out that there has been no let up in home prices, consistently rising
above 5% year/year, as a sign of continuing demand vs inventory shortage.
--MNI Washington Bureau; +1 202-371-2121; email: firstname.lastname@example.org