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.