Existing Home Sales Shoot Higher; Inventory also Improves

Rather than easing back from the January level as expected, existing home sales shot significantly higher in February, The National Association of Realtors® (NAR) said pre-owned single-family houses, townhouses, condominiums, and cooperative apartments sold at a seasonally adjusted annual rate of 4.38 million units. This is an increase of 9.5 percent from the 4.0 million unit pace the previous month and the largest monthly increase since last February. Sales still trailed that month’s 4.53-million-unit rate by 3.3 percent. Analysts polled by Econoday had a consensus estimate for sales of 3.92 million units while Trading Economics had projected the rate at 3.94 million. Single-family home sales grew to a seasonally adjusted annual rate of 3.97 million in February, a 10.3 percent gain, but were down 2.7 percent year-over-year. The annual sales rate for condos and coops (410,000 units) was 2.5 percent higher than in January, but 8.9 percent below the February 2023 pace. Despite the increase in sales, the number of homes available for sale also climbed, rising 5.9 percent from January and 10.3 percent from the previous February to 1,07 million units. This is estimated at a 2.9-month supply at the current rate of sales. Still, inventory remains well below the five-to-six-month supply considered a balanced market. The median existing home price for all housing types in February was $384,500, an increase of 5.7 percent from $363,600 a year earlier. It was the eighth consecutive month of year-over-year price gains and was the highest price ever recorded for the month of February. The median price for a single-family home was $388,700, a 5.6 percent annual increase while condos appreciated by 6.7 percent to a median of $344,000.

March 22, 2024 Download our Mobile App: Download our Mobile App: Housing News Existing Home Sales Shoot Higher; Inventory also Improves Rather than easing back from the January level as expected, existing home sales shot significantly higher in February, The National Association of Realtors® (NAR) said pre-owned single-family houses, townhouses, condominiums, and cooperative apartmen... (read more) Mortgage Rate Watch Mortgage Rates Now Lowest in Nearly 2 Weeks As the broader market continued rubbing its eyes in disbelief over the Fed's exceptionally calm attitude on inflation, bonds continued to improve today. Stronger bonds mean lower rates. The average mortgage lender was able to drop rates t... (read more) MBS Commentary Focus Turning Toward Next Round of Data In the current regime of bond market movement, traders have been running from one side of the field to the other in an attempt to get in on the action surrounding inflation data and labor market data. There hasn't been much in between apart fro... (read more) Rob Chrisman Hedging, Client Retention Tools; STRATMOR on the ICE 24 Event; MBA on the NAR Settlement; Dual Compensation I saw a sign recently: “Psychic Fair Cancelled Due to Unforeseen Circumstances.” No one can see into the future, or can read minds, and communication is always a good thing. But if I had to predict something, mortgage-related fees (what is disclosed,... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.91% -0.05% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.91% -0.05 0.00 15 Yr. Fixed 6.45% -0.05 0.00 30 Yr. FHA 6.40% -0.06 0.00 30 Yr. Jumbo 7.30% -0.04 0.00 7/6 SOFR ARM 6.55% -0.10 0.00 30 Yr. VA 6.42% -0.05 0.00 Updates Daily - Last Update: 3/22 15 Yr. Fixed Rate 6.45% -0.05% Rate Change Points Freddie Mac 30 Yr. Fixed 6.87% +0.13 0.00 15 Yr. Fixed 6.21% +0.05 0.00 Updates Weekly - Last Update: 3/21 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.97% +0.13 0.64 15 Yr. Fixed 6.49% +0.12 0.70 30 Yr. Jumbo 7.14% +0.10 0.54 Updates Weekly - Last Update: 3/20 MBS / Treasuries UMBS 30YR 5.5 99.52 +0.22 Price / Yield Change MBS UMBS 5.5 99.52 +0.22 UMBS 6.0 100.95 +0.19 GNMA 5.5 99.84 +0.23 GNMA 6.0 100.86 +0.20 Pricing as of: 3/22 5:31PM EST 10 Year US Treasury 4.2020 -0.0670 Price / Yield Change US Treasury 2 YR Treasury 4.596 -0.047 5 YR Treasury 4.189 -0.068 7 YR Treasury 4.208 -0.068 10 YR Treasury 4.202 -0.067 30 YR Treasury 4.381 -0.054 Pricing as of: 3/22 5:31PM EST Latest Video Consumers are having a hard time deciding to buy into the housing market, s... Former Fed Vice Chair Richard Clarida: I hope the Fed 'really moves into da... The Fed will likely start cutting rates in June: BlackRock's Rick Rieder Canyon Partners' Josh Friedman: I don't see a reason why the Fed would have... Around the Web Reuters Fed gets an earful about 'stranglehold' from high rates Reuters The great central bank policy reversal kicks off Calculated Risk Blog ICE: Mortgage Delinquency Rate Decreased in February redfin Housing Market Update: Supply Climbs 5%, Biggest Increase in Nearly a Year CNBC Former Fed Vice Chair Clarida sees possibility of fewer rate cuts than expected this year CNBC February home sales spike 9.5%, the largest monthly gain in a year, as supply improves CNBC Treasury yields fall as investors weigh monetary policy outlook Calculated Risk Blog Q1 GDP Tracking: Around 2% Eye on Housing Which Local Markets Track National Trends the Most: Multifamily Focus Eye on Housing Existing Home Sales Surge to One-Year High in February Calculated Risk Blog BofA "Should policy be set on OER if nobody pays it?" CFPB Prepared Remarks of CFPB Director Rohit Chopra at the Peterson Institute for International Economics Event on Revitalizing Bank ... Federal Reserve Agencies extend applicability date of certain provisions oftheir Community Reinvestment Act final rule

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