A real estate sign is posted outside of a recently sold home, Tuesday, Feb. 21, 2023, in Valrico, Fla. On Tuesday, (AP Photo/Phelan M. Ebenhack)
Sales of previously owned homes surged 14.5 percent in February, ending a 12-month streak of steady declines, according to the National Association of Realtors.
While sales were still down 22.6 percent from the year before, the upswing signaled that the housing market is regaining strength, as Homebuyers appear to be responding to lower prices and slowing rate hikes.
"Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines," said NAR Chief Economist Lawrence Yun. "Moreover, we're seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs."
The national median existing-home price, meanwhile, dropped 0.2 percent in February. That is down 12.3 percent from a peak in June and the first year-over-year decline since February, 2021.
The average 30-year fixed mortgage rate also moderated in February, giving buyers a break from the economic tightening kicked off by the Federal Reserve last year. The rate slipped again last week to 6.60 percent, according to Freddie Mac.
As for the supply side of the equation, housing inventory didn't budge between January and February, sticking around 980,000 units, but it's still up 15.3 percent from one year ago.
"Inventory levels are still at historic lows," Yun said. "Consequently, multiple offers are returning on a good number of properties."
Soundhound AI co-founder, president, and CEO Keyvan Mojaver discusses bringing its audio tools to cars and drive-thrus, plus why smaller companies may benefit from the A.I. boom.
Deiya Pernas, co-founder of Pernas Research, breaks down Nvidia’s blockbuster earnings, why energy is a sector to watch, and why the A.I. trend is far from over.
The NBA is organizing its next media rights deal to figure out which networks and streaming services will show their games for the next decade. Last time, most of the prominent streaming services didn't exist yet.
Jessica Traver Ingram, CEO and co-founder of IntuiTap Medical, discusses developing the company's Ver Touch device, the crucial FDA approval it just won, and why innovation in spinal blocks and epidurals is long overdue.
Matt Stucky, Chief Portfolio Manager of Equities at Northwestern Mutual Wealth Management chats why Nvidia has been unsteady leading up to its latest earnings results, plus what’s to come for the so-called ‘Magnificent 7.’
Walmart's revenue increased last quarter because customers kept coming back again and again. Are most shoppers buying and avoid the same products as you are?
