Data released by the National Association of Realtors revealed that the U.S. homes' resale rebounded after a year-long slide, increasing 14.5% in February.
This is the largest monthly increase since July 2020.
The seasonally adjusted annual rate in February is 4.58 million. In comparison, U.S. homes resale plunged 22.6% in February last year.
- 57% of the homes sold last month were on the market for less than a month, and properties typically remained in the market for an average of 34 days.
- West, South, and Midwest led the recovery with double-digit increases; cash sales represented 28% of the sales.
- According to NAR Chief Economist Lawrence Yun, regions where home prices are decreasing, and local economies are adding jobs are seeing stronger sales gains.
