Sales of previously occupied U.S. homes surged in February to the fastest pace in six months as homebuyers seized on a modest drop in mortgage rates and a slight pullback in prices, but the first annual drop since 2012.
Existing home sales jumped 14.5% last month from January to a seasonally adjusted annual rate of 4.58 million, the National Association of Realtors said Tuesday. That’s the strongest sales pace since September and it’s higher than the 4.2 million economists were expecting, according to FactSet.
“Conscious of changing mortgage rates, homebuyers are taking advantage of any rate declines,” said Lawrence Yun, the NAR’s chief economist. “Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs.” The slight dip is a good sign for buyers as the spring homebuying season ramps up, though affordability remains a formidable hurdle after years of soaring prices. The median U.S. home price is still up roughly 42% since 2019.
The average rate on a 30-year home loan slipped to 6.60% last week, according to mortgage buyer Freddie Mac. A year ago, the rate averaged 4.16%.
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