February sees surge in home sales and drop in prices after decade-long streak.

Sales of previously owned homes in the US rose 14.5% in February compared to January, the largest increase since July 2020, according to the National Association of Realtors. The median price of an existing home sold in February was $363,000, a 0.2% decline from February 2022, marking the first time in 131 months that prices were lower on a year-over-year comparison. However, inventory levels remain at historic lows, with just 980,000 homes for sale at the end of February, representing a 2.6-month supply. Higher mortgage rates have been cooling home prices since last summer, but with rates now higher than they were in January, it will be harder for some buyers to compete.