February is still winter but, according to new numbers from the National Association of Realtors, it may’ve been the start of this year’s spring sales season. That’s because the NAR found sales of previously owned homes up 4.2 percent in February from the month before. Lawrence Yun, NAR’s chief economist, says buyers are starting to enter the market. “Home buyers are slowly entering the market,” Yun said. “Mortgage rates have not changed much, but more inventory and choices are releasing pent-up housing demand.” Regionally, the West saw the biggest improvement, with a 13.3 percent month-over-month gain. The South was next with a 4.4 percent sales increase. In the Northeast and Midwest – where inventory still lags – buyers were not as active. The NAR also found prices up 3.8 percent year-over-year, with the median existing-home price for all housing types now at $398,400. (source)
