U.S. homes sales increase in February amid easing mortgage rates

"Existing home sales rose 1.7% last month from January to a seasonally adjusted annual rate of 4.09 million units, the National Association of Realtors said Tuesday. Sales fell 1.4% compared with February last year, with every region except the South posting lower sales versus a year earlier. The latest sales figure topped the 3.84 million pace economists were expecting, according to FactSet."

"Home prices continued to rise last month, albeit more slowly. The national median sales price increased 0.3% in February from a year earlier to $398,000, an all-time high for any February on data going back to 1999, NAR said. Home prices have risen on an annual basis for 32 months in a row."

"The U.S. housing market has been in a slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows. Sales of previously occupied U.S. homes remained stuck last year at 30-year lows."

Existing home sales increased 1.7% in February to an annualized rate of 4.09 million units, driven by declining mortgage rates and growing property availability entering spring. Sales exceeded economist expectations of 3.84 million units but fell 1.4% year-over-year, with only the South region showing growth. The national median home price reached $398,000, marking an all-time February high and continuing a 32-month streak of annual price increases, though growth slowed to 0.3% year-over-year. February's improvement followed January's significant decline, the worst in nearly four years. The housing market has struggled since 2022 when mortgage rates rose from pandemic lows, leaving sales at 30-year lows for the previous year.

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