Steel Markets
March 23, 2021
Existing Home Sales Slip Due to Low Inventory
Written by Sandy Williams
Buyers continued to snap up existing homes in February causing a record low inventory of 1.03 million units, according to data from the National Association of Realtors. Sales for all types of existing housing fell 6.6% from January to a seasonally adjusted annual rate of 6.22 million, but were 9.1% higher than a year ago. Single-family home sales slipped 6.6% from January, while condo and co-op sales slid 6.7%.
“Despite the drop in home sales for February – which I would attribute to historically-low inventory – the market is still outperforming pre-pandemic levels,” said Lawrence Yun, NAR’s chief economist.
