Existing Home Sales

Previous: 6.09M

Forecast: 6.1M

Existing home sales measures the change in the annulized number of existing residential buildings that were sold. This is a key indicator of the strength of the housing market. Higher than expected existing home sales is bullish, while lower than expected existing home sales is bearish.

Existing home sales in the US sank 7.% mom to a seasonally adjusted annualized rate of 6.02 million in February of 2022, below market forecasts of 6.1 million. It is the lowest reading in six months. The inventory of unsold existing homes slightly increased to 870,000, equivalent to 1.7 months of supply at the current monthly sales pace. The median sales price rose to $357,300, up 15% yoy. This marks 120 consecutive months of year-over-year price increases, the longest-running streak on record. "Housing affordability continues to be a major challenge, as buyers are getting a double whammy: rising mortgage rates and sustained price increases. Some who had previously qualified at a 3% mortgage rate are no longer able to buy at the 4% rate. Monthly payments have risen by 28% from one year ago - which interestingly is not a part of the consumer price index - and the market remains swift with multiple offers still being recorded on most properties", said Lawrence Yun, NAR's chief economist. source: National Association of Realtors