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Let's see if there will be a reversal higher in March

US Home Sales Remain High Despite the Cool Off in February

Posted Monday, March 22, 2021 by
Skerdian Meta • 1 min read

The housing market suffered during spring last year in the US, as the economy shut down on coronavirus, and we saw some major declines of 20.8% and 21.8% in March and April respectively during the lockdowns, but in May the situation reversed.

Home sales have been surging in recent month as US citizens move out of the big cities and into the suburbs or the interior areas of the US,  due to the unrest and the restrictions. Although, existing home sales cooled off in February. But, that’s not too bad, as sales still remain high. Below is the report for February:

US home sales for February from the National Association of Realtors

  • February existing home sales 6.22m vs 6.50m expected
  • Prior was 6.69m (revised to 6.66m)
  • -6.6% vs -2.9% expected
  • Prior was +0.6% (revised to +0.2%)
  • Prices hit median $313K, up 15.8% y/y
  • Inventory down 29.5% y/y to record low 1.03m units
Don’t take this as a sign of waning demand. Supply is extremely low and the weather in February may have pushed some closings into March. “Despite the drop in home sales for February – which I would attribute to historically-low inventory – the market is still outperforming pre-pandemic levels,” said Lawrence Yun, NAR’s chief economist.
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