February saw a 4.2% increase in previously owned home sales, driven mainly by significant gains in the South and West regions. The National Association of Realtors reported sales rose to an annualized rate of 4.26 million, though this figure is still 1.2% lower than last year. Despite flat sales in the Midwest and a decline in the Northeast, a 13.3% surge in the West helped offset these declines. The median home price continued to climb, marking the 20th consecutive month of year-over-year increases. Analysts predict uncertainty in the upcoming spring buying season due to economic volatility and affordability concerns.
"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."
Despite the context of an expensive borrowing environment and stretched affordability for many shoppers, today's data show that a fair number of buyers and sellers are still able to find the middle ground that a transaction requires," says Realtor.com® Chief Economist Danielle Hale.
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