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Existing-home sales roar back in February, hitting an 11-month high

Existing-home sales roar back in February, hitting an 11-month high

The biggest one-month increase since the recovery from the post-crisis TRID regulation hit, in 2015

Author photo By  ANDREA RIQUIER

The numbers: Existing-home sales ran at a 5.51 million seasonally-adjusted annual rate in February, the National Association of Realtors said Friday. That was an increase of 11.8% for the month.

What happened: Sales of previously-owned homes shook off the winter blahs as mortgage rates remained subdued, incomes kept growing, and more inventory helped the housing market regain some balance. The month-over-month increase was the biggest since December 2015, when sales rebounded after a regulation-induced slump. It handily beat the MarketWatch consensus forecast of a 5.12 million pace.

The February pace of sales was 1.8% lower than a year ago, and the median sales price during the month was $249,500, 3.6% higher compared to a year ago. First-time buyers accounted for 32% of sales in February, still well below their long-time average of 40% and making zero progress since the crisis.

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Steve Tucker

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