"Record-High February Prices Fail to Dampen Surge in US Home Sales"

Despite surging mortgage rates, sales of previously owned homes in the US unexpectedly surged in February to the highest level in a year, with existing home sales rising 9.5% to a seasonally adjusted annualized rate of 4.38 million units. The median national price of an existing home also rose 5.7% to $384,500, the highest February price on record. The increase in sales was attributed to a sharp rise in the number of homes coming to market, with total housing inventory up 5.9% from the prior month. However, homeowners contending with the reality that mortgage rates are not likely to fall to the ultra-low levels that existed before the Federal Reserve began to raise interest rates in 2022.