Existing home sales declined 7.2% in February to an adjusted rate of 6.02 million, the National Association of Realtors reported. Year-over-year, existing home sales fell 2.4%.
Rising mortgage rates and sustained price increases continue to be a major challenge toward housing affordability, according to NAR Chief Economist Lawrence Yun.
The median existing home price increased 15.0% year-over-year to $357,300, marking the 120th consecutive month of year-over-year increases, the longest running streak on record, according to NAR.
Housing inventory increased 2.4% from January but declined 15.5% from February 2021.
Regionally, compared with January, existing home sales fell 11.5% in the Northeast, 11.3% in the Midwest, 5.1% in the South and 4.7% in the West.
The full NAR report can be found here.
