Existing Home Sales Surge Ahead of Rising Mortgage Rates

Summary

Existing Homes Sales Handily Top Expectations Sales of existing homes jumped 6.7% in January to a 6.5 million-unit annual pace. Sales of single-family homes rose 6.5% to a 5.76 million-unit pace, while sales of condominiums and co-ops rose 8.8% to a 740,000 unit pace. Homes to continue to sell quickly, amidst record low inventories and strong demand from both individual and institutional investors. The median sales price fell slightly from the prior month on a non-seasonally adjusted basis to $350,300, but remains up 15.4% over the past year, with prices for single-family homes up 15.9% year-to-year and prices for condominiums and co-ops up 10.8%. READ FULL ARTICLE>>