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Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – rose to a seasonally adjusted annual rate of 4.38 million in February, much higher than the 3.94 million expected and well above the revised 4 million in January. Year-over-year, sales were still down 3.3% compared to February 2023.
“Additional housing supply is helping to satisfy market demand," said NAR Chief Economist Lawrence Yun. "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.” Economists continue to pay close attention to the U.S. housing market as it is a major contributor to economic activity. The housing sector has struggled as the Federal Reserve has aggressively raised interest rates at the fastest pace in 40 years.
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