Home Sales Rebound
Existing-home sales surged last month, posting their largest month-over-month gain since December 2015, the National Association of REALTORS® reported Friday. Sales jumped 11.8 percent in February compared with the previous month, reaching a seasonally adjusted annual rate of 5.51 million.
“A powerful combination of lower mortgage rates, more inventory, rising income, and higher consumer confidence is driving the sales rebound,” says Lawrence Yun, NAR’s chief economist.
Home prices: The median existing‑home price for all housing types in February was $249,500, up 3.6 percent from a year ago. The typical homeowner accumulated an estimated $8,700 in housing equity over the past 12 months and $21,300 over the past 24 months, according to NAR.
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