Existing home sales increased last month for only the third time since May amid a tumultuous housing market featuring high mortgage rates. Home sales in February rose a strong 9.5% to a seasonally adjusted annual rate of 4.38 million, the National Association of Realtors reported on Thursday.
Home sales in February rose a strong 9.5% to a seasonally adjusted annual rate of 4.38 million, the National Association of Realtors reported on Thursday. That is the largest increase since February of last year.
“Additional housing supply is helping to satisfy market demand,” said NAR chief economist Lawrence Yun. “Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices.” Typically, when mortgage rates are up, demand for homebuying falls and harms the housing market overall.
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