US Home Sales Jump to 1-Year High in February as Buyers Rush Back to Housing Market

• US existing home sales rose 9.5% in February to the highest level in a year as buyers returned to the market • Median national home price hit a new record high for February at $384,500, up 5.7% from a year ago • More homes coming on the market eased inventory constraints, with total housing supply up 5.9% for the month • Mortgage rates edged higher this week but remain well below late 2022 peak levels • Homebuilders are displaying renewed confidence in the housing market due to pent-up demand and still-limited supply