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March 22, 2017
Existing-home sales drop 3.7% in February
Existing-home sales declined 3.7 percent in February due in part to the lack of available homes, which created upward pressure on prices, according to NAFCU Research Assistant Yun Cohen.
The sales data, released Wednesday, shows there were 3.8 months of supply of existing homes by the end of February – up from 3.5 months in January. Analysts consider six months of supply to be a good balance between supply and demand.
"Existing-home sales retreated in February after reaching their highest level in a decade last month," Cohen wrote in a Macro Data Flash. "Both single-family home sales and condo sales declined. Despite steady demand, the lack of available homes for sale continues to put upward pressure on prices. As the Federal Open Market Committee signals multiple rate hikes this year, mortgage rates are expected to increase, which would further affect affordability."
However, Cohen noted a Redfin survey that indicates less than 3 percent of consumers would cancel home buying plans if rates were to rise. Instead, some of them would consider smaller homes or look elsewhere.
The median existing-home price increased from $227,300 in January to $228,400, not seasonally adjusted, in February – 7.7 percent higher than the median price from a year ago. February marked the 60th consecutive month of year-over-year price increases.
The sales data, released Wednesday, shows there were 3.8 months of supply of existing homes by the end of February – up from 3.5 months in January. Analysts consider six months of supply to be a good balance between supply and demand.
"Existing-home sales retreated in February after reaching their highest level in a decade last month," Cohen wrote in a Macro Data Flash. "Both single-family home sales and condo sales declined. Despite steady demand, the lack of available homes for sale continues to put upward pressure on prices. As the Federal Open Market Committee signals multiple rate hikes this year, mortgage rates are expected to increase, which would further affect affordability."
However, Cohen noted a Redfin survey that indicates less than 3 percent of consumers would cancel home buying plans if rates were to rise. Instead, some of them would consider smaller homes or look elsewhere.
The median existing-home price increased from $227,300 in January to $228,400, not seasonally adjusted, in February – 7.7 percent higher than the median price from a year ago. February marked the 60th consecutive month of year-over-year price increases.
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