The supply of homes for sale has been rising steadily, up just over 3 percent in February compared with a year ago. Home prices are still rising, but the gains have been shrinking each month for nearly a year.
Homebuyers signed 1 percent fewer contracts to buy existing homes in February compared with January, according to the National Association of Realtors' pending home sales index.
Yun pointed to some sales growth in the West, although the region's current sales are well below the sales activity from 2018. Closed sales of existing homes jumped nearly 12 percent month-to-month in February, also a reaction to the drop in mortgage rates at the end of the year. It may also have been simply due to more supply on the market and a cooling in home prices. Closed sales were still lower compared with a year ago.
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