Existing-home sales increased modestly (1.2%) in February, but constrained inventory levels pushed price growth to its fastest pace (7.5%) in a year.
While the persistent cold and snowy weather likely had some impact in the Northeast and Midwest, there’s been some stagnation in the market in recent months.
Buyer demand from an improving economy and low interest rates appear to be outweighed by low inventory conditions and faster price growth in many parts of the country.
Often times, images reveal more than words. Below are charts from NAR Research highlighting the key data from today’s release: