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Homebuyers Flood the Market

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However, the sales of last month may not signal a sustained trend, especially as the market moves into the busy season.

Amid mortgage rates echoing the peak levels of the early 2000s, February saw an unexpected surge in homebuying, marking the largest monthly increase of existing home sales in a year.Last month's existing home sales soared by 9.5 percent, despite the historically high mortgage rates that had been cooling the market, according to a National Association of Realtors report issued Thursday.

The unexpected jump in sales comes at a time when the housing market is typically quieter due to winter conditions. However, the increase has not been uniform across the country. The Northeast saw no change in sales but led in price gains, according to the NAR, suggesting regional market dynamics are at play.Nationally, properties stayed on the market longer in February compared to the previous month and year, indicating a slight cooling.

 

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