Existing Home Sales See Biggest Jump Since February 2023

Existing home sales rallied 9.5% in February to a seasonally adjusted annual rate of 4.38 million, the National Association of Realtors announced.

It was the largest month-over-month increase since February 2023. Compared with February 2023, however, existing home sales were down 3.3%.

“Additional housing supply is helping to satisfy market demand,” NAR Chief Economist Lawrence Yun said in a statement. “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.”

Regionally, existing home sales grew 8.4% in the Midwest, 16.4% in the West and 9.8% in the South. Existing home sales remained unchanged in the Northeast compared with January.

The full NAR report can be found at this link.

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