March 22, 2013 – NAFCU Research Assistant Doug Christman said Thursday that a combination of pent-up demand and an improving labor market helped drive existing-home sales in February.
The National Association of Realtors reported that existing-home sales in February came in at 4.98 million units on a seasonally adjusted, annualized basis – up 10.2 percent from a year ago. “That was the highest level of sales since the homebuyer tax credit in 2009,” noted Christman.
The inventory level for existing homes stood at 4.7 months of supply in February, up from a revised 4.3 months in January. The median existing-home price rose from a revised $170,600 in January to $173,600 in February. “That’s up from $155,600 a year ago,” Christman noted.
“Limited housing inventories and credit constraints continue to slow the growth of sales, while the reduction in distressed home sales and limited inventory are increasing the average home sale price,” he said.
Christman added that the overall housing market is expected to be “one of the key drivers of economic growth this year.”
For more, view NAFCU’s Macro Data Flash.