” Despite the drop in house sales for February– which I would attribute to historically-low stock– the market is still exceeding pre-pandemic levels,” said Lawrence Yun, NARs primary economist.Despite the drop, the NAR kept in mind that sales were up 9.1% last month from February 2020, which was prior to the COVID-19 pandemic swept through the U.S. Also, existing house sales is currently ahead of the overall number of sales 5.6 million systems, for the entire year of 2020, Yun stated.” Demand is not disappearing, it is a lack of supply,” said Yun.Even with this decline in house sales, sales are “still be well above the pre-pandemic run rate,” Credit Suisse composed in a note prior to the outcomes. “Existing house sales have actually recently outperformed unfavorable signals in the pending house sales information, which have declined 5.7% because August 2020, however we anticipate the 2 series to converge.

The real estate market slowed in February, more than anticipated.Existing house sales dropped 6.6% to a seasonally adjusted 6.22 million in February from a month earlier, according to the National Association of Realtors (NAR).” Despite the drop in home sales for February– which I would associate to historically-low inventory– the market is still outshining pre-pandemic levels,” said Lawrence Yun, NARs chief economist.Despite the drop, the NAR kept in mind that sales were up 9.1% last month from February 2020, which was prior to the COVID-19 pandemic swept through the U.S. Also, existing house sales is currently ahead of the total number of sales 5.6 million systems, for the entire year of 2020, Yun stated.” Demand is not disappearing, it is an absence of supply,” stated Yun.Even with this decline in house sales, sales are “still be well above the pre-pandemic run rate,” Credit Suisse composed in a note prior to the outcomes. “Existing house sales have recently exceeded unfavorable signals in the pending home sales data, which have actually declined 5.7% considering that August 2020, but we expect the 2 series to assemble.

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