Key Points:
- Existing-home sales rose 4.2% in February from January to a seasonally adjusted annual rate of 4.26 million.
- Sales slipped 1.2% from one year ago.
- The median existing-home sales price rose 3.8% from February 2024 to $398,400, the 20th consecutive month of year-over-year price increases.
- First-time buyers were responsible for 31% of sales in February, up from 28% in January and 26% in February 2024.
- “Home buyers are slowly entering the market,” said NAR Chief Economist Lawrence Yun. “Mortgage rates have not changed much, but more inventory and choices are releasing pent-up housing demand.”
- The Right Facts will continue to monitor home sales.