US Home Sales Surge in February, Defying Expectations Amid High Prices

Despite the highest February prices on record, sales of previously owned homes in the US soared 9.5% last month, marking the largest monthly increase in a year.

Sales of previously owned homes in the US rose 9.5% in February, reaching a seasonally adjusted annual rate of 4.38 million units.
The national median sales price of existing homes increased 5.7% from the previous year to $384,500, setting a new record for February.
The inventory of unsold homes rose to 1.07 million, the highest for February since 2020, offering buyers more options.
Despite a modest pullback in mortgage rates, first-time buyers represented only 26% of the market, below the historical norm.
The surge in sales was most pronounced in the West and South, with increases of 19.4% and 16.4%, respectively.