Existing Home Sales from National Assoc of Realtors
February's Existing Home Sales report was today’s only relevant economic release. The National Association of Realtors announced a 14.5% jump in home resales, breaking the streak of twelve consecutive monthly declines. It was also the largest monthly increase since July 2020, indicating a potential rebound in the housing market. February’s strength is being attributed mostly to a decline in mortgage rates, so it will be interesting to see what happens in the coming months. For now, we have to label the report as bad news for mortgage rates because the increase was much stronger than expected.