Existing home sales in February were the strongest recorded since February 2007, according to the National Association of Realtors (NAR). However, the positive trajectory is not expected to continue amid the coronavirus pandemic and subsequent stock market turmoil.
Existing home sales in February were the strongest recorded since February 2007, according to the National Association of Realtors (NAR). However, the positive trajectory is not expected to continue amid the coronavirus pandemic and subsequent stock market turmoil.
“The coronavirus has undoubtedly slowed buyer traffic and it is difficult to predict what short-term effects the pandemic will have on future sales,” NAR Chief Economist Lawrence Yun stated.
February sales climbed to an adjusted rate of 5.77 million, a 7.2% jump compared with February 2019. The median existing home price for February was $270,100, an 8.0% increase year-over-year.
The full NAR report for February can be found here.
