US February existing home sales 4.26m vs 3.95m expected

• Prior was 4.08m (revised to 4.09m)
• Sales up +4.2% vs -4.9% prior (revised to -4.7%)
• Median prices 3.8% vs +4.8% y/y prior at $398,400
• Inventory at 3.5 months vs 3.5 months prior

This week’s housing starts number was surprisingly strong but the NAHB home builder survey also deteriorated. This is another good number and suggests that the high mortgage rates in December/January didn’t dissuade buyers.

This article was written by Adam Button at www.forexlive.com.