In National Association of Realtors’ existing home sales report released on Monday, there was only slight improvement in the February numbers, with sales increasing 1.2% after last month's plummet.
This chart helps better depict the status of existing home sales and where the market currently stands.
Click to enlarge
Source: NAR
Lawrence Yun, NAR chief economist, said although February sales showed modest improvement, there’s been some stagnation in the market in recent months.
“Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsuitable levels,” he said. “Stronger price growth is a boon for homeowners looking to build additional equity, but it continues to be an obstacle for current buyers looking to close before rates rise.”
