US existing home sales rise to one-year high in February

Prices at the Pumps - March 20, 2024 #saltwire #energymarkets #pricesatthepumps #gaspricesWASHINGTON - U.S. existing home sales increased to a one-year high in February as supply improved, a trend that together with retreating mortgage rates could support activity during the spring selling season.

Supply is likely to improve further. The government reported on Tuesday that single-family homebuilding increased to nearly a two-year high in February while overall housing completions soared to a level last seen in January 2007. Home resales, which account for a large portion of U.S. housing sales, fell 3.3% on a year-on-year basis in February.

A four-to-seven-month supply is viewed as a healthy balance between supply and demand. Many homeowners have mortgages with rates below 4%, discouraging them from selling their houses, contributing to the supply crunch and higher home prices.

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