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Existing Home Sales at an annual rate of 4.88 million

Monday, Mar 23 2015
Total existing-home sales rose 1.2% to a seasonally adjusted annual rate of 4.88 million in February from 4.82 million in January. This was in line with market forecasts. Sales are 4.7% higher than a year ago and above year-over-year totals for the fifth consecutive month. The median existing-home price for all housing types in February was $202,600, which is 7.5 percent above February 2014. This marks the 36th consecutive month of year-over-year price gains and the largest since last February.
 
Lawrence Yun, NAR chief economist, says although February sales showed modest improvement, there’s been some stagnation in the market in recent months. “Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsuitable levels,” he said. “Stronger price growth is a boon for homeowners looking to build additional equity, but it continues to be an obstacle for current buyers looking to close before rates rise. Severe below-freezing winter weather likely had an impact on sales as more moderate activity was observed in the Northeast and Midwest compared to other regions of the country."
 
Data did not have any major impact on the markets. Euro is currently being traded around 1.0940 area, Sterling is few points above 1.4920 level, while Aussie is at 0.7850 handle.
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