Data released today showed a rebound in sales of existing home sales in February. Analysts at Wells Fargo point out sales benefited from better weather early this year and lower mortgage rates.
“After declining for much of last year, existing home sales were poised for rebound. Pending home sales, which reflect purchase contracts, had jumped 4.6% in January, which meant that sales, which reflect closings, would likely rise in February.”
“Seasonal adjustment likely exaggerated the extent of the improvement. The 5.51 million-unit pace is 1.8% below the year ago pace, which was also the cyclical peak. Benefitted
“Existing home inventories continue to trend higher and are 3.2% above their year-ago level. Homes are remaining on the market longer than a year ago, which has moderated price appreciation.”
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