Sales of previously occupied US homes gained momentum in February, as buyers accepted the new normal of higher mortgage rates. reported Thursday. That was almost 6% higher than a year earlier, and marked the largest monthly increase in a year.
In the West, existing home sales vaulted nearly 17% from a month ago, and the median price was $593,000, up 9% annually. All-cash transactions accounted for 33% of existing homes sold in February. Individual investors or second-home buyers, who bought in cash, purchased 21% of homes.According to the NAR, higher home prices coupled with elevated rates were some factors that muted demand for first-time buyers. Another challenge was the climbing rate of multiple offers from repeat-buyers — some 20% of homes sold in February were sold over-ask.
“Homeowners are in a happy situation with the rise of prices but homebuyers are frustrated in terms of affordability. It’s much more difficult also because of the lack of inventory and having to face those multiple offer situations,” said Yun. The mammoth home comes complete with a 36-seat movie theater, 1,200-bottle wine cellar, recording studio, wellness center, an indoor basketball court and more.Alberta led the country for price growth on cabins and cottages in 2023, with a national real estate report suggesting the increase is partly fuelled by one community near Edmonton with especially tight supply.
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