Existing home sales surged nearly 12% in February where they experienced the largest month-over-month gain since December 2015, according to data from the National Association of Realtors. Total existing-home sales rose 11.8% from January to a seasonally adjusted annual rate of 5.51 million in February. However, they caution that sales are down 1.8% from one year ago. Total housing inventory at the end of February was 1.63 million which translates into 3.5-month supply at the current sales pace.
“A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound.” Said Lawrence Yun, the NAR’s chief economist.