US home sales for February from the National Association of Realtors
- Prior was 6.69m (revised to 6.66m)
- -6.6% vs -2.9% expected
- Prior was +0.6% (revised to +0.2%)
- Prices hit median $313K, up 15.8% y/y
- Inventory down 29.5% y/y to record low 1.03m units
Don't take this as a sign of waning demand. Supply is extremely low and the weather in February may have pushed some closings into March.
"Despite the drop in home sales for February - which I would attribute to historically-low inventory - the market is still outperforming pre-pandemic levels," said Lawrence Yun, NAR's chief economist.
