US existing home sales rose 1.7 percent in February
Sales reached a 4.09 million unit rate last month as lower mortgage rates drew buyers. Improved affordability helped offset tight supply in the housing market.
The United States experienced an unexpected rise in existing home sales during February, as a combination of lower mortgage rates and moderating price growth drew buyers back into the market. Despite the uptick, a persistent shortage of available properties continues to pose a challenge for the housing sector as it enters the spring selling season.
According to data from the National Association of Realtors (NAR) released on Tuesday, home sales climbed 1.7% last month to a seasonally adjusted annual rate of 4.09 million units. This performance exceeded the expectations of economists polled by Reuters, who had forecast a decline to 3.89 million units. January's sales figures were also revised upward to a rate of 4.02 million units.
