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US Existing Home Sales Unexpectedly Increase in February
Sales increased 1.7% to 4.09 million units as mortgage rates dropped below 6%, with median home price reaching a record $398,000 for February, NAR reported.
- Tuesday's NAR report showed U.S. existing home sales increased 1.7% in February to a 4.09 million annual rate, exceeding forecasts.
- Contracts signed in December and January translated into February closings, as mortgage rates trended lower, with Freddie Mac data showing rates near 6.0%.
- Market composition showed 1.29 million unsold homes , a 3.8-month supply, with median price at $398,000 and 34% first-time buyers.
- Despite the uptick, sales remain 1.4% below last year as NAR reports momentum but a slump since 2022 and Housing Affordability Index at 117.6 limits buyers.
- Looking to the coming months, NAR warns that mortgage-rate declines this year were influenced by Federal Housing Finance Agency bond purchases ordered by President Donald Trump, but scope for further drops is limited amid higher U.S. Treasury yields tied to the U.S.-Israeli war with Iran.
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27 Articles
Watch Existing-Home Sales Rise, Helped by Decline in Mortgage Rates
US existing-home sales unexpectedly rose in February and the prior month was revised up. Contract closings increased 1.7% to a 4.09 million annualized rate, according to National Association of Realtors data released Tuesday. Mike McKee reports on "Bloomberg Open Interest."
·United States
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US homes sales bounced back in February as homebuyers seized on easing mortgage rates
Sales of previously occupied U.S. homes bounced back in February as home shoppers benefited from easing mortgage rates and a modest increase in properties on the market heading into the spring homebuying season.
·United States
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Total News Sources27
Leaning Left6Leaning Right4Center11Last UpdatedBias Distribution52% Center
Bias Distribution
- 52% of the sources are Center
52% Center
L 29%
C 52%
R 19%
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