by Wolf Richter
Wolf Street
“Many potential buyers are postponing their purchasing plans in hopes of securing lower rates. Consequently, lower buyer competitions exerted downward pressure on prices”: Realtor.com
The seasonally adjusted annual rate of sales of existing single-family houses, condos, and co-ops rose 9.5% in February from January, but that increase was smaller than the increase in February 2023 (+11.5%), and so the annual rate of sales at 4.38 million homes, was still down 3.3% from the already collapsed levels of February 2023, according to data from the National Association of Realtors (NAR) today.