Source: Census Bureau
The sales of existing single-family houses were posted at an annual rate of 772,000 in February, down by 2.0% from the previous year. SPY is down -0.42%, DXY is up +0.28%.
The home sales have now fallen for the second straight month, with high prices and an uptick in mortgage rate seen to drive away prospective buyers.
The home sales are now 6.2% below the comparable month of 2021.
In February, the median sales prices for the new houses were $400,600, with the average sales price at $511,000.
At the end of February, the estimate of new houses for sale in the market was at 407,000, an equivalent of 6.3 months supply at the current sales rate.