US Home Resales Jump by Most Since 2020, Ending Year-Long Slide
- February contract closings surged 14.5% to 4.58 million rate
- Annual decline in median sales price was first since 2012
A realtor provides a virtual video tour of a home for sale in Sacramento, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
US sales of previously owned homes rose in February by the most since mid-2020, snapping a record year-long slide tied to rising interest rates and affordability constraints.
Contract closings increased 14.5% last month to an annualized pace of 4.58 million, according to data released Tuesday by the National Association of Realtors. Both the monthly advance and rate of sales exceeded the highest forecasts in a Bloomberg survey of economists.