Existing-home sales showed modest improvement in February, increasing 1.2 percent to a seasonally-adjusted annual rate of 4.88 million. While the West saw the largest increase at 5.7 percent, the Northeast experienced a decline of 6.5 percent.
Did the Northeast’s frigid winter weather and record snowfall attribute to the decline in sales activity?
The short answer: partially – but other factors including low inventory and tight credit conditions likely played a larger role.
Read what NAR Chief Economist Lawrence Yun had to say when he was asked this question by Boston.com’s Sanjay Salomon.