Sales of previously occupied U.S. homes surged in February to the fastest pace in six months as homebuyers seized on a modest drop in mortgage rates and slight pullback in prices.
A real estate sign is posted outside of a recently sold home, Tuesday, Feb. 21, 2023, in Valrico, Fla. On Tuesday, – Sales of previously occupied U.S. homes surged in February to the fastest pace in six months as homebuyers seized on a modest drop in mortgage rates. The nation’s median price also edged lower, its first annual drop since 2012.
Still, sales sank 22.6% last month from February last year, a sign many would-be homebuyers remain priced out of the market following years of price increases and sharply higher mortgage rates than a year ago.reached a two-decade high of 7.08% in the fall. Rates eased in December and January, and slipped to just above 6% in early February.
Yun has forecast that U.S. home prices will fall 2% this year, but acknowledged they could just as easily end up falling or rising 5%, depending on what happens with mortgage rates.The slight dip in prices is a good sign for buyers as the spring homebuying season ramps up, though The average rate on a 30-year home loan slipped to 6.60% last week, according to mortgage buyer Freddie Mac. A year ago, the rate averaged 4.16%.
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