Existing Home Sales Up 4.2% in February

The National Association of Realtors is reporting that existing home sales were up 4.2% in February to a seasonally-adjusted annual rate of 4.26 million – down 1.2% year over year.  Total housing inventory at the end of February was 1.24 million units, up 5.1% from January and up 17% from one year ago.  Unsold inventory sits at a 3.5-month supply at the current sales rate with properties remaining on the market for around 42 days.  The median existing-home price for all housing types in February was $398,400.

“Each one percentage point gain in home price translates into an approximately $350 billion increase in housing equity for American property owners…That means a gain of nearly $1.3 trillion in home value appreciation at a time when the current stock market is undergoing a correction.”  Said the NAR’s Chief Economist Lawrence Yun.

Click here to read the full report at the NAR.