Home sales up, prices down in Feb

Home sales jumped 14.5% in February the month previous, the largest jump in over two and a half years, according to the latest existing home sales report from the National Association Realtors. Median existing home prices, however, dropped 0.2% in February from a year previous, marking the first year-over-year drop in over a decade! Inventory remains low, which could sustain demand despite rising interest rates. The market continues to throw mixed signals. At this time, strategic, focused marketing will help brokers and agents stand out and resonate with real estate consumers facing a difficult market.