Existing-home sales roller coaster continues in February!
Updated: Apr 11, 2022
The roller coaster of existing-home transactions continued in February, with sales backtracking to a seasonally adjusted annual rate of 6.02 million units, according to the National Association of Realtors (NAR).
Sales were down 7.2% from the previous month and 2.4% from February 2021. Sales figures in previous months have been boosted by buyers trying to get ahead of rising mortgage interest rates, but with home prices still squarely on the uptick, it’s highly likely that many buyers’ struggles with declining affordability factored into the February dip.
“Housing affordability continues to be a major challenge, as buyers are getting a double whammy: rising mortgage rates and sustained price increases," said Lawrence Yun, chief economist at NAR. “Some who had previously qualified at a 3% mortgage rate are no longer able to buy at the 4% rate.” By Arnie Aurellano,
Website content editor, Scotsman Guide