Existing home sales fell by 0.9% to 4.59 million annual units in February. The decline is due to a strong upward revision in January’s sales, as February’s pace is stronger than January’s initially reported pace. January’s pace of home sales was revised up from 4.57 million units per year to 4.63 million. As a result, despite February’s slight decline, sales are running 4% faster in the three months ending February than the three months ending in November.
Months’ supply of homes on the market increased to 6.4 million however part of this increase was due to increased listings. The median house price appreciated in February by 0.3% versus a year ago to $156,600. After adjusting for seasonal factors the appreciation of prices was 1.6% from the previous month.
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