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**Existing-Home Sales Increase, But Condos and Co-Ops Decline**
Existing-home sales, including single-family homes, townhomes, and for-sale apartments, rose by 4.2% in February, reaching a seasonally adjusted annual rate of 4.26 million units, according to the National Association of Realtors (NAR). This increase defied industry expectations, which had predicted a 3% decline for the month.
However, on a year-over-year basis, sales were down by 1.2%, with condominium and co-op sales experiencing a sharper decline of 9.8%—matching their monthly drop. In contrast, single-family home sales saw a 5.7% increase from January.
“Home buyers are slowly entering the market,” said NAR Chief Economist Lawrence Yun. “Mortgage rates have not changed much, but more inventory and choices are releasing pent-up housing demand.”
Meanwhile, Redfin reported that pending-home sales are currently down 5.2%, attributed in part to affordability concerns. The typical U.S. homebuyer’s monthly housing payment now stands at $2,793—just a few dollars below the all-time high.
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