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."
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
