Existing home sales jumped 14.5% last month from January to a seasonally adjusted annual rate of 4.58 million, the National Association of Realtors said Tuesday. That’s the strongest sales pace since September and it’s higher than the 4.2 million economists were expecting, according to FactSet.
“Conscious of changing mortgage rates, homebuyers are taking advantage of any rate declines,” said Lawrence Yun, the NAR’s chief economist. “Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs.” The slight dip is a good sign for buyers as the spring homebuying season ramps up, though affordability remains a formidable hurdle after years of soaring prices. The median U.S. home price is still up roughly 42% since 2019.
The average rate on a 30-year home loan slipped to 6.60% last week, according to mortgage buyer Freddie Mac. A year ago, the rate averaged 4.16%.
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Lower mortgage rates boost US home sales in FebruaryU.S. existing home sales rebounded more than expected in February as lower mortgage rates and the first year-on-year decrease in prices in 11 years pulled buyers back into the market, further evidence that the housing market was stabilizing at low levels. Fake news Where? Lower rates? 😂😂😂😂
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US home sales surged in February as mortgage rates dippedLOS ANGELES (AP) — Sales of previously occupied U.S. homes surged in February to the fastest pace in six months as homebuyers seized on a modest drop in mortgage rates. The nation’s median price also edged lower, its first annual drop since 2012. This is true. I had several clients requesting additional copies of past tax returns to purchase a new home. Sweet, all I need now is $30,000 for a down payment. No problems there
Source: AP - 🏆 728. / 51 Read more »
U.S. home sales surged in February as mortgage rates dippedSales of previously occupied U.S. homes surged in February to the fastest pace in six months as homebuyers seized on a modest drop in mortgage rates and slight pullback in prices. The banking crisis has brought the mortgage rates down to lower-mid 6s, which has marginally improved the housing affordability and hence the jump in home sales.
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