Steel Markets
March 23, 2013
NAR: Existing Home Sales Healthy in February
Written by Sandy Williams
Existing home sales in February are at their highest level since November 2009 according to data released by The National Association of Realtors. Existing home sales increased 0.8 percent to a seasonally adjusted rate of 4.98 million in last month, a 10.2 percent increase over the level seen in February 2012.
Prices have also shown a substantial gain, rising 11.6 percent in February, the strongest growth rate since November 2005. A rise in home prices leads to a rise in consumer spending which is an indicator of economic growth. Low interest rates below four percent have contributed to consumer affordability.
