The seasonally adjusted pace of existing-home sales across the U.S. jumped nearly 12 percent last month to an annual rate of 5.51 million transactions but remains 1.8 percent below the pace of sales as measured at the same time last year, according to the National Association of Realtors.

At the same time, the inventory of existing homes on the market ticked up another 2.5 percent to 1.63 million homes, which is 3.2 percent higher versus the same time last year (versus 10 percent higher in San Francisco).

And out West, the pace of existing-home sales jumped 16.0 percent in February to an annual rate of 1.16 million sales but remains nearly 8 percent lower versus the same time last year with a median sale price of $379,300, which is 3.0 percent above its mark at the same time last year versus a 3.6 percent year-over-year gain nationally.

2 thoughts on “Pace of Home Sales in the U.S. Jumps, but Down Year-Over-Year”
  1. “”This was fueled principally by an improvement in affordability resulting from a combination of slower house price gains, lower mortgage rates and more rapid wage growth,” said David Berson, chief economist at Nationwide Mutual Insurance.

    Still, existing-home sales are down 1.8 percent from a year ago because of the severity of last year’s slowdown. But 30-year mortgage rates have since tumbled after peaking in early November at roughly 5 percent, helping sales to recover as that average has fallen to 4.28 percent this week, according to mortgage buyer Freddie Mac.

    Mortgage rates will likely fall further. The Federal Reserve indicated this week that it foresees no further interest rate increases this year — a message that has sent the yield on the 10-year Treasury note plunging. Rates on long-term mortgages closely track the 10-year yield”

    -Associated Press

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