US Home Sales Remain High Despite the Cool Off in February
Skerdian Meta•Monday, March 22, 2021•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.
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR
See More
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
Comments
Subscribe
Login
Please login to comment
0 Comments
Oldest
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals