Inventory rose 5.9% year over year to 1.07 million homes for sale at the end of February.
Sales of existing homes surged 9.5% in February from January to 4.38 million units, on a seasonally adjusted annualized basis, according to the National Association of Realtors.Higher demand continued to push the median price higher, up 5.7% from the year before to $384,500.David Paul Morris | Bloomberg | Getty Images
Sales were down 3.3% year over year, but it was the largest monthly gain since February of last year. Sales surged the most in the West, up 19.4%, and the South, up 16.4%. Sales in the Northeast were unchanged. Inventory rose 10.3% year over year to 1.07 million homes for sale at the end of February. That represents a still low 2.9-month supply at the current sales pace.
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