Existing-home sales roar back in February, touching an 11-month high
The numbers: Existing-home sales ran at a 5.51 million seasonally-adjusted annual rate in February, the National Association of Realtors said Friday. That was an increase of 11.8% for the month.
The February pace of sales was 1.8% lower than a year ago, and the median sales price during the month was $249,500, 3.6% higher compared to a year ago. First-time buyers accounted for 32% of sales in February, still well below their long-time average of 40% and making zero progress since the crisis.Big picture: A little more inventory is helping, as are tame mortgage rates and, perhaps, a little more certainty about personal tax situations. Still, the housing market remains very constrained.
What they’re saying: “After three consecutive monthly declines, this rebound in home sales certainly provides some relief on the outlook,” said Jennifer Lee, BMO Capital Markets senior economist. “The drop in borrowing costs has helped , and they won’t be heading much higher anytime soon, as the Fed has seemingly promised this week.”
“The mortgage applications data have told a very different story since last summer, and both new and existing home sales are now consistent with that message. Housing, after all, *should* be strong when payroll growth is trending at 200K per month and consumers’ confidence is very high.”
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Existing-home sales roar back in February, touching an 11-month highSales of previously-owned homes surged back, leaving forecasts in the dust, reaffirming strong demand for housing amid familiar headwinds.
Read more »
Asian shares hit 6-1/2-month high on tech hopes, U.S. dataAsian shares hit 6-1/2-month highs on Friday after upbeat U.S. data and optimism...
Read more »
Economy expands in February at fastest pace in five months, leading indicators showA survey of economic conditions in the U.S. rose in February for the first time in five months, perhaps a sign growth is poised to pick up a bit after a very...
Read more »
Apple shares surge to 4-month high, as stock chart points to growing investor confidenceApple's stock rose more than 3 percent on Thursday, putting the stock on pace for its ninth positive day in the past 10 days of trading.
Read more »
Asian shares hold near six-month high on hopes of dovish FedAsian shares got off to a cautious start on Wednesday, holding close to six-mont...
Read more »
Asian shares slip from 6-month high ahead of Fed policy decisionAsian shares slipped from six-month highs on Wednesday as investors took profits...
Read more »
US the big buyer as the UK's ad industry hits $9 billion in overseas salesThe U.K. advertising industry exported £6.9 billion ($9.1 billion) worth of services in 2017 and the U.S. is its largest buyer, according to a report published Tuesday.
Read more »
K-Pop Stocks Can Still Hit the High NotesK-pop stocks have sold off after a scandal, but the sector still offers opportunities. If Korean pop music can gain a fraction of its Asian popularity in the West, the companies producing it will be major beneficiaries.
Read more »
The college cheating scandal hit these Eastside high school kids hardFor Boyle Heights Beat reporters, news of the $25-million college entrance racketeering scandal hit like a gut punch. The high and mighty went as low as they could go, and it did not play well in Boyle Heights. From LATstevelopez :
Read more »