US home sales surge; house prices post year-on-year drop
The jump in sales of previously owned homes, which was reported by the National Association of Realtors on Tuesday, was the largest in more than 2-1/2 years and ended 12 straight monthly declines in sales, the longest such stretch since 1999.
Existing home sales, which are counted at the close of a contract, surged 14.5% to a seasonally adjusted annual rate of 4.58 million units last month. February's sales likely reflected contracts signed a couple of months back. Mortgage rates decreased from mid-November through early February before rising again. Home sales could fall in March.
The worst is likely over. A survey last week showed the National Association of Home Builders/Wells Fargo Housing Market Index increased for a third straight month in March, though homebuilder sentiment remains depressed. Single-family housingMortgage rates, which in February resumed their upward trend, are falling again in tandem with a sharp decline in U.S. Treasury yields following the recent collapse of two U.S. regional banks that sparked fears of contagion in the banking sector.
U.S. stocks were trading higher. The dollar fell against a basket of currencies. U.S. Treasury prices fell.The median existing house price fell 0.2% from a year earlier to $363,000 in February. That was the first annual price decline since February 2012. Prices dropped on a year-on-year basis in the Northeast and West, the most expensive housing regions. They continued to rise in the Midwest and South, which are generally considered more affordable.
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