Photo: Robert Johnson — Business Insider
Existing home sales declined to 0.9 per cent to 4.59 million on an annualized basis in February. This is according to the National Association of Realtors.Economists were looking for 4.61 million.
However, the January figure was revised up to 4.63 million from a previous reading of 4.57 million.
“The market is trending up unevenly, with record high consumer buying power and sustained job gains giving buyers the confidence they need to get into the market,” said Lawrence Yun of the National Association of Realtors. “Although relatively unusual, there will be rising demand for both rental space and homeownership this year. The great suppression in household formation during the past four years was unsustainable, and a pent-up demand could burst forth from the improving economy.”
More details to come…