US existing home sales fall from 10-year high
Home sales remain constrained by the dearth of properties available for sale, which is keeping prices elevate
Washington — US home resales fell more than expected in February amid a persistent shortage of houses on the market that is pushing up prices and sidelining potential buyers. The National Association of Realtors said on Wednesday existing home sales declined 3.7% to a seasonally adjusted annual rate of 5.48-million units last month. January’s sales pace was unrevised at 5.69-million units, which was the highest level since February 2007. Economists had forecast sales decreasing 2% to a pace of 5.57-million units last month. "Realtors are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that’s pushing up price growth and pressuring the budgets of prospective buyers," said Lawrence Yun, the NAR’s chief economist. Sales were up 5.4% from February 2016, underscoring the sustainability of the housing market recovery despite rising mortgage rates. In February, houses typically stayed on the market for 45 days, down from...
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