MNI DATA ANALYSIS: US Feb Existing Home Sales +3.0% to 5.54M

By Kevin Kastner, Sara Haire and Holly Stokes

     WASHINGTON (MNI) - Home resales rose by 3.0% in February to an annual rate

of 5.54 million, well ahead of expectations for a slight gain to a 5.40 million

pace and above the 5.51 million level in 2017, data released by the National

Association of Realtors reported Wednesday showed.

     Still, the first quarter average, at 5.46 million, stands below the fourth

quarter average of 5.59 million, a softer start to 2018. January sales were

unrevised at the previously 5.38 million annual rate.

     NAR Chief Economist Lawrence Yun noted again to reporters that tight supply

continued to restrain sales and boost prices, and that increased building,

especially of condos, is needed.

     Single-family home sales rose 4.2% from January and were up 1.8% from a

year ago, while condo sales were down 6.5% from January and down 4.9% from a

year ago. Yun said that condos are one way for new buyers to start home

ownership.  

     --SUPPLY REMAINS SOFT

     The number of housing units available for sale rose 4.6% in February to a

total of 1.59 million houses, keeping the months supply at 3.4 months at the

current sales pace. Yun noted that this was below the 3.8 months supply a year

ago and well below the 6.0 months considered normal. 

     --REGIONAL DATA MIXED

     Sales rose solidly in the South (+6.6%) and West (+11.4%) regions, more

than offsetting declines in the Northeast (-12.3%) and Midwest (-2.4%) regions.

     --PRICES SHARPLY HIGHER

     February's national median price of $241,700 was up 5.9% from a year

earlier, a sign of continued sharp acceleration.

--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com

[TOPICS: MAUDS$,M$U$$$]