US Existing Home Sales Rise Unexpectedly in February as Affordability Continues to Improve

A “for sale” sign is posted in front of a single-family home in Hollywood, Fla., on Oct. 27, 2022. Joe Raedle/Getty ImagesU.S. existing home sales saw a 1.7 percent month-over-month increase in February to a seasonally adjusted annual rate of 4.09 million units. While sales of year-over-year existing homes fell by 1.4 percent, the National Association of Realtors (NAR) remains cautiously optimistic about the upcoming spring market.The month-over-month increase exceeded the market estimate, which had projected a decline to 3.89 million.