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Pre Session Commentary - Detailed News

Economic Buzz: US existing home sales rebound in February
11-Mar-26   08:23 Hrs IST
Existing-home sales in the United States increased slightly in February, rising 1.7% from January to a seasonally adjusted annual rate of 4.09 million, according to the National Association of REALTORS. Despite this monthly improvement, sales were still 1.4% lower compared with February of last year. Sales grew in the Midwest, South, and West, while the Northeast experienced a decline.

Housing affordability continued to improve for the eighth month in a row. The Housing Affordability Index reached 117.6 in February, up from 117.1 in January and significantly higher than 103.1 a year earlier. This is the highest affordability level recorded since March 2022.

Housing supply also increased, but only slowly. Total housing inventory rose to 1.29 million homes, which is 2.4% higher than January and 4.9% higher than the same time last year. However, the supply of homes on the market remains limited, with only a 3.8-month supply of unsold homes. Yun noted that if buyer demand rises faster than new supply, home prices may increase further, highlighting the need for more housing construction.

The median price of existing homes reached $398,000 in February, slightly higher than a year ago and marking the 32nd consecutive month of annual price increases. Single-family home sales rose 2.5% during the month, while condo and co-op sales fell by 5.3%.

Homes stayed on the market for a median of 47 days. First-time buyers represented 34% of purchases, while cash buyers accounted for 31%. The average 30-year mortgage rate fell to 6.05%, lower than both January and the previous year.

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