Existing Home Sales Are Up
The National Association of Realtors is reporting that existing home sales rose 5.2 percent in February, defying dire predictions of a market slowdown. Sales of existing homes rose to a 6.91 million unit annual rate in February, halting a string of monthly declines.
The NAR prefers to think of February’s sales figures as an “aberration due to both warm weather and lower mortgage rates in January”. Chief economist David Lereah believes the pace of home sales should start to slow again next month.
What do you think? Was February an aberration or the beginning of a upward trend?