According to the National Association of Realors, the turnover of houses previously owned in February rose to an annualized basis in February from January from January to 4.26 million units. Industry analysts had expected a decline of 3%.
In February of the previous year, sales were 1.2% lower.
This count is based on closings, so that the contracts signed in December and January when the mortgage interest rates rose and were briefly held in the range of 7% on the 30-year-old area. Today's prices are in the high range of 6%.
“Buyers of homes are slowly entering the market,” said Lawrence Yun, the chief economist of Nar, in a release. “The mortgage interests have not changed much, but more inventory and selection options are released.”
In the highest price categories, sales were only higher annually, over 750,000 US dollars. The sales over the average price decreased by 3% compared to the previous year.
The inventory at the end of February was 1.24 million units, an increase of 17% compared to the previous year, but still only an offer of 3.5 months at the current pace of sales. A six -month offer is considered balanced between buyer and seller.
“We are still in a relatively tight market,” said Yun.
This close offer keeps the pressure on prices. The median price of a home sold in February was $ 398,400, which was 3.8% an increase compared to the same time in the same time. This is a record high for the month of February. The price increases rose in all four geographical regions of the country.
A “too sold” sign outside a house in Atlanta, Georgia.
Dustin Chambers | Bloomberg | Getty pictures
First buyers returned to the market and made up for 31% of sales in February 26% in the previous year. However, investors withdrew and only resigned 16% of sales compared to 21% in the previous year.
However, the all-cash turnover remained relatively steady in 32% of sales, only slightly in the previous year. Cash is usually preferred by investors, so this indicates in view of the decline in investor sales that more owners use cash.
Although these sales were higher than expected, they are more on the market two months ago than today. A separate survey under real estate agent in February by John Burns Research and Consulting showed that more than half of the respondents are weaker than normal for the resale market of this spring. This resort index fell for the first time in four months.
“The current sales values remain weak, and 53% of the agents report weaker than normal sales. This is better than 56% a year ago, but lower than in January 47%. Treatment and economic uncertainty keep many buyers on the side,” says John Burn's report.