"Surge in Home Sales as Market Sees Increase in Inventory"

Existing home sales surged 9.5% in February, the largest monthly increase in a year, as more supply hit the market, easing some pressure on prices. However, sales were down 3.3% from a year ago due to high prices and interest rates. The median existing home sales price rose 5.7% to $384,500, marking the eighth consecutive month of year-over-year price gains. Inventory of unsold existing homes increased by 5.9%, providing some relief from low inventory. Mortgage rates remain high, impacting affordability and leading to added pressure on the rental market.