US Home Sales and Construction See Positive Growth Despite Price Drops.

Sales of previously owned homes rose 14.5% in February compared to January, the largest increase since July 2020, as mortgage rates fell sharply. 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 nearly 11 years 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. Multiple offers are returning on a good number of properties, which could heat prices again.