In an unexpected turn of events, existing home sales in the United States surged in February to the highest level in a year, defying expectations of a slight decline. According to data from the National Association of Realtors (NAR), sales of existing homes, including single-family homes, townhomes, condominiums, and co-ops, rose by a notable 9.5% from January to a seasonally adjusted annualized rate of 4.38 million units.
This surge in sales marks the second consecutive month of rising home sales and represents the largest monthly increase since February 2023. Lawrence Yun, the chief economist at NAR, emphasized the role of increased housing supply in meeting market demand. He noted that while housing demand has been steadily rising due to population and job growth, the timing of purchases remains contingent on prevailing mortgage rates and the availability of inventory options.
