Existing Home Sales Jumped in February

March 22, 2019

After home sales slowed to a crawl in the second half of last year, lower mortgage rates and more affordable prices have potential homeowners in the mood to buy. Sales of previously owned homes jumped 11.8 percent in February from the month before, according to data from the National Association of Realtors. This is the largest single-month gain since 2015.

Despite the big jump, sales volume was 1.8 percent lower than it was a year ago. While the market may be picking up, it is still not back where it was at the beginning of 2018. February also saw higher inventory levels and an increase in the number of days homes spend on the market, indicating that potential buyers are still wary.

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