Unexpected Increase In Home Sales

Housing forecasts by experts often don’t turn out as expected. For example, sales of existing homes increased by 5.2 percent in February to a seasonally adjusted annualized rate of 6.91 million units, according to a report from the National Association of Realtors. Most analysts predicted a downturn in sales. Leading economists were expecting sales of about 6.52 million, according to a survey conducted by MarketWatch.

However, the supply of unsold homes rose by 5.2 percent in February to 3.03 million. That’s close to the all-time record of 3.04 million in 1986. That inventory represents 5.3 months supply of home inventory. NAR still predicts a lower level of home sales this year. Existing home sales are expected to fall 5.7 percent to 6.67 million uni View the rest of this article