U.S. home resales fell more than expected in February amid a persistent shortage of houses on the market that is pushing up prices and sidelining prospective buyers.
The National Association of Realtors said on Wednesday existing home sales declined 3.7 percent to a seasonally adjusted annual rate of 5.48 million units last month after hitting a 10-year high in January.
Sales were up 5.4 percent from February 2016, underscoring the sustainability of the housing market recovery despite the supply constraints. The median house price surged 7.7 percent from a year ago to $228,400 in February. That marked the 60th consecutive month of year-on-year price gains.
“There is a small supply of homes for sale and great demand for them, and that’s driving prices higher in many markets. We believe the strong appetite for homes will continue, people just need more homes to choose from,” said Gino Blefari, president at Berkshire