Sales of previously owned homes rose 9.5 percent in February, according to new numbers from the National Association of Realtors. The improvement was the largest month-over-month gain since February 2023 and included increases in the West, South, and Midwest. The Northeast was unchanged from the previous month. Lawrence Yun, NAR’s chief economist, says the growing inventory of homes for sale is helping push sales higher. “Additional housing supply is helping to satisfy market demand,” Yun said. “Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices.” The supply of homes has been growing. In fact, total housing inventory at the end of February was up 5.9 percent from January and is now 10.3 percent higher than at the same time last year. That’s good news for prospective buyers, as it helps moderate price increases and provides more options to choose from when shopping for a home to buy. (source)
