Existing-home sales rose strongly in February reaching the highest level since last April, and follows a healthy gain from January, according to the NATIONAL ASSOCIATION OF REALTORS®.
Total existing-home sales — including single-family, townhomes, condominiums, and co-ops — rose 3.9 percent to a seasonally adjusted annual rate of 6.69 million units in February from a downwardly revised level of 6.44 million in January. Still, the numbers are 3.6 percent below the 6.94 million-unit pace in February 2006.
Nevertheless, last month’s increase was the biggest monthly rise in three years — sales last rose 3.9 percent in March 2004.
U.S. Existing-Home Sales Post ‘Surprising’ Gains
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{ 2 comments… read them below or add one }
graphrix 03.24.07 at 2:52 am
Maybe I am seeing the glass half empty but YOY was down 3.6%, January was revised down and so could February, inventory increased 5.9%, sales were flat in the West but up 14.2% in the Northeast because of weather, sales were down 9.6% in the West YOY compared to up 3.4% in the Northeast, the median price was down 1.3% YOY and that was the seventh consecutive monthly decline, prices were up 2.2% in the West YOY but only up .53% when looking at the average price for 2005 and down 4.5% when adjusted for inflation.
No offense but you should look at the whole report.
John L. Wake - Realtor 03.24.07 at 11:27 am
Honestly, I don’t focus on the National Assocation of Realtors numbers. They tend to be overly optimistic the same way academics tend to be overly pessimistic. I consider their numbers but take their analyses with a grain of salt.
Nevertheless, I greatly appreciate your analysis. It’s probably far better than NAR’s.