The numbers: Existing-home sales ran at a 5.51 million seasonally-adjusted annual rate in February, the National Association of Realtors said Friday. That was an increase of 11.8% for the month.
The February pace of sales was 1.8% lower than a year ago, and the median sales price during the month was $249,500, 3.6% higher compared to a year ago. First-time buyers accounted for 32% of sales in February, still well below their long-time average of 40% and making zero progress since the crisis.Big picture: A little more inventory is helping, as are tame mortgage rates and, perhaps, a little more certainty about personal tax situations. Still, the housing market remains very constrained.
What they’re saying: “The key problem, we think, is the capping of state and local tax deductions at $10,000,” said Ian Shepherdson, chief economist for Pantheon Macro, in a research note published Thursday, before the Realtor’s data was released.
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