Sales of previously owned homes rose 14.5% in February compared with January, according to a seasonally adjusted count by the National Association of Realtors.
It was the first monthly gain in 12 months and the largest increase since July 2020, just after the start of the Covid-19 pandemic.
The relative drop caused a jump in sales of newly built homes, before rates jumped back toward 7% in February. They not stand at 6.67%, according to"Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines," said Lawrence Yun, chief economist for the Realtors, in a release. "Moreover, we're seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs.
Sales might have been even higher were it not for what is still very low supply. There were just 980,000 homes for sale at the end of February, according to the Realtors, flat compared with January. At the current sales pace, that represents a 2.6-month supply. A balanced market between buyer and seller is considered a 4- to 6-month supply.
At a recent open house in Cleveland, Ohio, home shopper Katie Berardi said higher mortgage rates have had an impact on what she and her husband can afford.
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