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American Existing-Home Sales Slip by 7.2%

March 18, 2022 by Forex Winner Leave a Comment

RealEstate

Source: National Association of Realtors

Existing-home sales in the United States fell in February, with prices impacting the ability of prospective buyers to make acquisitions. XHB is down 0.65%, and ITB down 0.63%.

  • Seasonally adjusted existing-home sales stood at 6.02 million in February, down 7.2% from the month earlier and 2.4% from the same month in the previous year.
  • NAR Chief Economist Lawrence Yun said affordability continues to be a significant challenge amid increasing mortgage rates and continuous price hikes.
  • Total housing inventory was recorded at 870,000 units, 2.4% higher than in January by 15.5% lower than in February 2021.
  • Unsold inventory is equivalent to a 1.7-month supply at the current sales pace, up from 1.6 months in January but down from 2.0 months in February 2021.
  • The median existing-home price fell at $357,300, up by 15.0% from $310,600 in February last year, marking the 120th straight month of annual growth.
  • Properties were on the market for 18 days, lower than the 19 days in January and 20 days the past year.

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