Home Sales Jump Nearly 10% in February Despite High Prices and Mortgage Rates
• Existing home sales jumped 9.5% in February 2023 compared to last year, the largest monthly increase since February 2022
• Median existing home price increased 5.7% to $384,500, the 8th straight month of year-over-year price gains
• Inventory of unsold homes increased 5.9% in February, providing more options for buyers
• Mortgage rates averaged 6.74% in mid-March, still too high to entice many homeowners to sell
• With high prices and rates, more pressure is added to the rental market as fewer can buy homes