A sign is seen in front of a home in Arlington, Virginia. Tightening inventory pushed prices up and kept buyers away from the existing-homes market in February. – AFPPIXSales of existing homes in the United States fell 6.6% in February, the National Association of Realtors said on Monday, as tightening inventory pushed prices up and kept buyers away.
“Despite the drop in home sales for February – which I would attribute to historically-low inventory – the market is still outperforming pre-pandemic levels,“ the association’s chief economist Lawrence Yun said. “We look for the pace of existing home sales to drift lower over the course of the year as headwinds from a lack of supply and eroding affordability are partially offset by the tailwinds of still-strong demand, particularly from younger households, and a solid recovery,“ Nancy Vanden Houten of Oxford Economics said.
Construction firms have struggled to keep up with demand, and the NAR said housing inventory as of the end of February was unchanged from January at 1.03 million units, 29.5 percent lower than a year ago.
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