Existing-home sales in February rose 1.2 percent to a seasonally adjusted annual rate of 4.88 million, compared with 4.82 million in January, according to the National Association of Realtors. This rate is 4.7 percent higher than February 2014.
The median existing home price for all housing types in February was $202,600, which is 7.5 percent higher than the median price in February 2014.
Lawrence Yun, NAR chief economist, noted stagnation in the market in recent months. “Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsuitable levels,” he said in a statement. “Stronger price growth is a boon for homeowners looking to build additional equity, but it continues to be an obstacle for current buyers looking to close before rates rise.”
Compared with January, existing-home sales decreased 6.5 percent in the Northeast, were unchanged in the Midwest, increased 1.9 percent in the South, and increased 5.7 percent in the West.
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