Existing Sales Stifled By Inventory Constraints

Posted To: MND NewsWire

Existing home sales burst out of the box in January to start the year out with a 3.2 percent increase over the previous month. Those gains, however, were wiped out in February . The National Association of Realtors® (NAR) said on Wednesday that sales of previously owned homes, including single-family structures, townhomes, condos, and co-ops, retreated by 3.7 percent, to a seasonally adjusted annual rate of 5.48 million units. NAR did not revise their original estimate of a 5.69-million-unit pace in January. Even with the decline, sales still maintained their edge over February 2016 by 5.4 percent. Analysts polled by Econoday had expected sales to pull-back, but the February number was on the low end of estimate, from 5.430 million units to 5.670 million. The consensus was 5.555 million…(read more)

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Source: Mortgage News Daily

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