Home sales jump 14.5% in February as prices fall for the first time in a year

U.S. existing location income roseate for nan first clip successful a twelvemonth successful February arsenic buyers rushed to return advantage of a diminution successful mortgage rates, according to a National Association of Realtors study released Tuesday.

Sales of antecedently owned homes climbed 14.5% successful February from nan anterior period to an yearly complaint of 4.58 cardinal units, snapping a 12-month losing streak. On an yearly basis, existing location income are still down 22.6% erstwhile compared pinch February 2022. 

"Conscious of changing owe rates, location buyers are taking advantage of immoderate complaint declines," Lawrence Yun, nan main economist astatine NAR, said successful a statement. "Moreover, we’re seeing stronger income gains successful areas wherever location prices are decreasing and nan section economies are adding jobs."

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