"Record Surge: February Home Sales Jump 9.5% Amid Improved Supply and Easing Mortgage Rates"

Existing home sales in February saw a significant 9.5% increase from January, reaching 4.38 million units, the largest monthly gain in a year, with the West and South regions experiencing the most significant surges. The rise in inventory by 10.3% year over year to 1.07 million homes helped meet market demand, but the median price also increased by 5.7% to $384,500, marking the eighth consecutive month of annual gains. However, first-time buyers did not increase proportionally to overall sales, and all-cash sales rose to 33%, possibly influenced by high home prices and mortgage rates.