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MNI BRIEF: US Existing Home Sales Fall More Than Expected

(MNI) WASHINGTON
MNI (Washington)

U.S. existing home sales fell by more than expected to a seasonally adjusted annual rate of 6.02 million in February, sinking 7.2% from a month earlier and down 2.4% from a year earlier, the National Association of Realtors said Friday.

Rising mortgage rates and sustained high inflation have prevented many consumers from purchasing a home, NAR chief economist Lawrence Yun told reporters. The median existing home price was $357,300 last month, up 15.0% from a year ago.

MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com

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