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Single-Family Home Resales Rise in February

Home resales reached a seasonally adjusted annual rate of 6.12 million units last month, the Realtors® reported on Thursday, only the eighth month ever that resales have exceeded the six million mark. February’s sales activity was 5.7% ahead of the pace of a year earlier.

“Currently, we are projecting that home sales will decline slightly, but they remain at exceptionally high levels,” said David Lereah, the association’s chief economist. “With a strong underlying demand for housing from a growing population in a recovering economy, we could be flirting with another record this year.”

The national median existing-home price was $168,100 in February, up 5.7% from February of 2003.

There were 2.33 million existing homes for sale at the end of last month, which represented a 4.6-month supply, slightly higher than in January.

Sales were up 14.3% in the Northeast, 7.6% in the Midwest and 3.1% in the West. They declined 4.2% in the South.

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