US existing homes sales drop by 6.6pc in February to 6.2m unitsClosed sales of existing homes in February dropped a larger-than-expected 6.6 percent compared with January, according to the National Association of Realtors, CNBC reports.
That put them at a seasonally adjusted, annualized rate of 6.22 million units, which was
9.1 percent higher compared with February 2020.
Despite being on the cusp of the historically busy spring housing market, homeowners are not listing their properties for sale at the pace they normally would this time of year.
The
supply of homes for sale fell by 29.5 percent year over year, the largest annual decline ever, to 1.03 million homes.
At the current sales pace, it would take
two months to exhaust this supply. One year ago, there was a three-month supply, which is also considered low.
That tight supply continues to fuel home prices, which were
15.8 percent higher in February year over year.
The median price of an existing home sold during the month was US$313,000. That is the highest February price on record.
Prices are rising due to bidding wars for homes, but the median was also skewed higher because
more sales are occurring on the higher end of the market.Sales of homes priced
above US$1 million were 81 percent higher compared with a year ago. Houses priced between US$100,000 and US$250,000 fell by 11 percent.
Source: The Standard
https://www.thestandard.com.hk/breaking ... 6.2m-units
Posted: Wed Aug 26, 2020 9:12 pm