February home sales jump to highest level in a year

Existing home sales in the U.S. in February rose to their highest level in a year, reaching a seasonally adjusted annual rate of 4.38 million units, according to the National Association of Realtors. This increase of 9.5% from the previous month exceeded economists' expectations, who had anticipated a decline to 3.94 million units.

Despite a drop in pending home sales in January, the surge in February's sales indicates a positive trend, likely influenced by contracts signed in previous months. This growth in sales coincides with an improvement in housing supply, with inventory rising by 5.9% to 1.07 million units compared with a year ago.

"Additional housing supply is helping to satisfy market demand," said Lawrence Yun, the National Association of Realtors’ chief economist.

Read more: National Association of Realtors

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