LOS ANGELES (AP) — Gross sales of beforehand occupied U.S. properties rose in February as easing mortgage charges and extra properties available on the market inspired residence consumers.
Present residence gross sales rose 4.2% final month from January to a seasonally adjusted annual price of 4.26 million items, the Nationwide Affiliation of Realtors stated Thursday.
Gross sales fell 1.2% in contrast with February final yr, ending a string of 5 straight annual will increase. The most recent residence gross sales topped the three.92 million tempo economists had been anticipating, in response to FactSet.
House costs elevated on an annual foundation for the twentieth consecutive month. The nationwide median gross sales worth rose 3.8% in February from a yr earlier to $398,400.
“House consumers are slowly getting into the market,” stated Lawrence Yun, NAR’s chief economist. “Mortgage charges haven’t modified a lot, however extra stock and selections are releasing pent-up housing demand.”
There have been 1.24 million unsold properties on the finish of final month, up 5.1% from January and up 17% from February final yr, NAR stated.
That interprets to a 3.5-month provide on the present gross sales tempo, unchanged from January and up from a 3-month tempo on the finish of February final yr. Historically, a 5- to 6-month provide is taken into account a balanced market between consumers and sellers.