Sales increased in all four national regions.
For the first time in a year, existing home sales across the U.S. increased in February as prices fell at the same time.
The National Association of Realtors reports existing home sales rose 14.5 percent on a seasonally adjusted annual rate of 4.58 million units last month. The increase is the largest since July 2020.
The association announced that sales were up in all four regions, with maximum gains in the Midwest, West, and densely populated South.
A 0.2 percent fall in existing home prices from a year earlier also occurred in February, the first time a decline was seen since February 2012. The median price for an existing home was $363,000.
Interest rate hikes have impacted mortgage lending rates, damaging the housing market.
As the Lord Leads, Pray with Us…
- For Secretary Marcia Fudge to seek the Lord’s guidance as she manages HUD.
- For HUD and FHA officials as they assist home buyers and others looking for housing.
- For the president and his administration as they assess inflation and interest rates.
Sources: Reuters, National Association of Realtors, Newsmax
