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Real Estate

“Home sales spike 14.5% in February as the median price drops for the first time in over a decade…”

“Sales of previously owned homes rose 14.5% in February compared with January, according to a seasonally adjusted count by the National Association of Realtors. That put sales at an annualized rate of 4.58 million units.

It was the first monthly gain in 12 months and the largest increase since July 2020, just after the start of the Covid-19 pandemic. Sales were, however, 22.6% lower than they were in February of last year.

These sales counts are based on closings, so the contracts were likely signed at the end of December and throughout January, when mortgage rates had fallen sharply...”

https://www.cnbc.com/2023/03/21/february-home-sales-spike.html

This news is slightly deceiving because of the bold text I highlighted.

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