US New Home Sales Decline Unexpectedly in February Despite Supply Shortages
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Sales of existing homes in the United States unexpectedly surged in February, reaching the highest level in a year. According to the National Association of Realtors (NAR), home sales rose by 9.5% from the previous month to a seasonally adjusted annualized rate of 4.38 million units. This marks the second consecutive month of rising sales and the largest monthly increase since February 2023 .
The increase in sales was attributed to improved housing supply and slightly lower mortgage rates. The NAR chief economist, Lawrence Yun, stated that additional housing supply is helping to satisfy market demand. However, compared to February last year, home sales were still 3.3% down. The median price of existing homes was $384,500, a 5.7% increase from the previous year. The NAR noted that total h...
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