Existing-Home Sales Rise in February, Reports NAR

According to the National Association of REALTORS® (NAR), existing-home sales climbed in February, with two major U.S. regions seeing growth, one remaining stable, and another experiencing a decline.

Total existing-home sales—including single-family homes, townhomes, condos, and co-ops—rose 4.2% from January to a seasonally adjusted annual rate of 4.26 million. However, sales dipped 1.2% year-over-year.

"Home buyers are slowly entering the market," said NAR Chief Economist Lawrence Yun. "While mortgage rates remain steady, increased inventory is helping to unlock pent-up demand."

Inventory reached 1.24 million units at the end of February, marking a 5.1% increase from January and a 17% jump from last year. The unsold inventory supply held at 3.5 months, up from 3.0 months in February 2024.

The median existing-home price rose 3.8% year-over-year to $398,400, with all four U.S. regions reporting price growth.

"Each percentage point gain in home price translates into roughly $350 billion in added housing equity," Yun noted. "This amounts to nearly $1.3 trillion in home appreciation, even as the stock market corrects. Strong demand and low mortgage default rates continue to support home values."

(Report sourced from NAR)